Partnership Help Guides and Resources

Partnership 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...

What to Look For in a Business Loan

If you are a business owner, or planning on starting a new business, then at some time during the life of your business you will likely need a loan. Whether the funds are needed to pay for your startup costs, to finance an expansion of your business, invest in inventory, buy new equipment, or for any other reason, there are many options for you. Vie...

Using LLCs for Estate Planning

An LLC, or Limited Liability Company, is a business entity that is separate and apart from its owner(s). It offers asset protection and a less complicated tax and formal structure than a corporation. Small businesses and individuals often use......

Paying Yourself in Each Business Structure

You likely started your business for two main reasons: you are passionate about the venture and you want to make money. For some, one reason may be far more important than the other. Nonetheless, if you want your business to be successful, it......

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......