General Partnership Agreement Help Guides and Resources

General Partnership Agreement Help Guides

What is a partnership?

A general partnership is created when two or more people decide to carry on a business together. A partnership usually operates in accordance with a partnership agreement. A general partnership agreement is a legal document defining how the business will operate. The agreement helps partners delineate how they will make decisions and what role each...

What is an EIN and do I need one?

“EIN” stands for Employer Identification Number and is required by the IRS for tax identification purposes for any business with employees as well as businesses falling under a few other categories. Specifically, the IRS requires that a business obtain an EIN if it: has employees; operates as a corporation or partnership; withholds taxes on income o...

Succession Planning: What Owners of Small Businesses Need to Know

You have probably heard about using a will or other estate planning tool to protect your family, but what about your business? Small businesses rely heavily on their owners, and the unexpected death of a business partner could leave a key role unfilled. Without a succession plan in place stating who should take over, the business may be at risk of c...

Starting a Business with a Partner: Pros, Cons, and How-Tos

Starting any business can be a huge undertaking. However, starting a business with a partner can be even trickier because you have two people that are likely both very passionate about the company and may have differing opinions about certain......

Pass-Through Taxation 101

As a business owner, whether you have been a business owner for some time or you are just now starting out, you have likely experienced many tax components. Initially, you have to choose the type of entity you want your business to be, but......

5 Critical Business Licenses and Why They Are Essential

You have conducted extensive market research, drafted your business plan, completed a variety of legal documents, and finalized your mission statement. Your business is ready to open and thrive—or is it? Entrepreneurism is, at its core,......

How Your Business Can Survive and Dominate in the Startup Phase

Startups have long held a certain mystique in American culture, capturing the entrepreneurial drive and innovation responsible for our many economic and technological successes. Startup companies drive innovation and shake up otherwise......

Top 9 Legal Documents You Need to Start Your Business

You would be surprised how few businesses actually get the most fundamental legal documents in place before starting up. However, having the right documents in place when you start is essential to your business's success. What are the most......

Qualities to Look for When Choosing a Business Partner

According to recent studies, two-thirds of all businesses fail. This means that a business has less than a 1 in 3 chance of succeeding. So, how can you make sure that your business is one of the 33% who succeed? The answer is by choosing the......

How to Make Your Partnership Work with a Shareholder Agreement

Starting a new business requires a lot of dedication and passion. This means that new business owners must pour all their time, energy, and effort into setting up their business for success in the short and long term. As entrepreneur Mark......