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General Partnership (GP)
As with the sole proprietorship, this business organization structure type has fewer forms to file versus the other business organization structure types and is formed when two or more persons agree to do business together. General partnerships do not need to register with the state office as long as the partners are the sole owners and there exists no need for them to distinguish themselves from the business.
Since this business organization structure type consists of more than one owner it is best advised that a partnership agreement is developed. However, a partnership agreement is not a legal requirement. In the absence of an operation agreement, state statues govern issues as they arise.
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GENERAL
PARTNERSHIP TOTAL
Starting at $389*
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GENERAL
PARTNERSHIP PLUS
Starting at $289*
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GENERAL
PARTNERSHIP
Starting at $189*
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Product Options
Yes
Yes
Yes
Yes
Yes
Yes
Yes
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Business Credit ID Number
Establish your business credit profile and obtain business credit identification number.
Yes
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Annual Business Renewal Service
Prevent lapse of business renewal with our annual business renewal service.
Yes
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Copy of State Seal Certified Documents
Copy of state incorporation documents certified with state seal.
*Plus Filling Fees
- Least expensive and easiest business entity to establish.
- Partners have complete control regarding decision-making.
- Partners own agreed upon amount of all of the profits.
- Partners own agreed upon amount of all of the assets.
Pros to General Partnership:
Cons to General Partnership:
- Business life may be limited based on partnership agreement.
- Unlimited liabilities exist for partners’ severally/jointly.
- Funding is limited to consumer loans and personal savings of the partners.
- Partners are responsible for all day-to-day operations.
Tax Implications
- Partners will pay self-employment tax on the income they receive from the business.
Additional Business Formation Needs
Business Credit Profile
The business credit profile, similar to consumer credit profile, speaks to the business’s creditworthiness.
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Federal Tax ID (EIN)
Federal Employer Identification Number (EIN) is a business its tax ID, like a Social Security Number (SSN) for an individual.
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Business Tax Receipt
Most city/county municipalities have a business tax receipt requirement.
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More Business Solutions
Business Operation Efficiency
Naming The Business
Human Resources
The efficiency of your business operation is responsible for the quality of your products and services.
There are a few reasons that would require a business name, from current state legislation to marketing strategies.
Hiring the person with the right skill-set and experience is vital to the quality of the finished product or service.
Request a Custom Quote
Have a specific question about a product? A Burdham Group Specialist will follow up with a custom quote along with a comprehensive assessment of your needs.
Include area code, extension and county code if applicable.
Talk to one of our experts. We are here to help. 888.313.2157
OPERATION SOLUTIONS »
Incorporation Solutions
Naming the Business
Federal Tax ID (EIN)
Business Tax Receipt
Business Credit Profile
Business Operation Efficiency
Human Resource
MARKETING SOLUTIONS »
Consumer Identification
Product Analysis
Product Price Analysis
Product Promotion Analysis
Product Placement Analysis
Consumer Insight
Competitive Intelligence
© The Burdham Group 2016
Disclaimer: Burdham Group is not a law or certified public accounting firm and does not provide legal or tax advice. If legal or tax advice is required, please seek the services of an attorney or certified public accountant.
