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How It Works
Our simple six-step process guides you through partnership formation.
Decide between a General Partnership, Limited Partnership (LP), or Limited Liability Partnership (LLP) based on your business needs.
Select a unique business name that complies with your state's naming requirements and register it with the appropriate state agency.
Create a written agreement outlining each partner's contributions, responsibilities, profit sharing, and decision-making authority.
File the necessary formation documents with your state. LPs and LLPs require formal registration; GPs may only need a DBA.
Apply for an Employer Identification Number (EIN) from the IRS for tax purposes and opening a business bank account.
Research and obtain any business licenses or permits required in your state, county, or city to operate legally.
Partnership Structures
Understanding the different partnership structures available
All partners share equal responsibility for management and personal liability for business debts.
Includes general partners who manage the business and limited partners who invest but have limited liability.
All partners have limited personal liability protection, commonly used by professionals.
A type of LP used for estate planning and transferring assets within a family.
Benefits & Considerations
Why forming a partnership might be right for your business
Common Questions
Get answers to common questions about partnership formation
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