Creating a legally recognized general partnership in Delaware can be a great way for two or more people to come together and work towards a common goal. However, it's important to know the right steps to take to ensure that everything is done properly and in accordance with the laws of the state. In this guide, we'll take a look at the key steps involved in creating a general partnership in Delaware, and what you need to do to get started.
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Step 1: Choose a business name
The first step in setting up your general partnership is choosing a name for your business. The name you choose must be unique and not already in use by another business in Delaware.
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Step 2: File a Certificate of Partnership with the Division of Corporations
In Delaware, general partnerships can be formed by filing a Certificate of Partnership with the Division of Corporations. This is a legal document that officially registers your partnership with the state. To file the Certificate of Partnership, you will need to provide the following information:
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- The name of your partnership
- The name and address of each member of the partnership
- The name of the registered agent for the partnership
- The signature of at least one member of the partnership
The filing fee for a Certificate of Partnership in Delaware is $200.
Step 3: Obtain any required business licenses and permits
Depending on the industry or location of your partnership, you may need to obtain additional business licenses and permits before you can start operating. These requirements can vary widely, so it's important to do your research and make sure you have everything you need.
Step 4: Draft a partnership agreement
While not strictly required by law, drafting a partnership agreement is strongly recommended for anyone looking to create a general partnership in Delaware. This legal document helps establish the terms and conditions of the partnership, and can protect the interests of all parties involved.
Some of the key things to include in a partnership agreement might include:
- The purpose and goals of the partnership
- The responsibilities of each partner
- The percentage of ownership and profit distribution
- How decisions will be made and disputes resolved
- What happens if a partner wants to leave
Step 5: Obtain an Employer Identification Number (EIN)
An Employer Identification Number (EIN) is a unique identifier issued by the IRS to businesses for tax and identification purposes. In most cases, general partnerships are required to obtain an EIN.
To apply for an EIN, you can visit the official IRS website and complete the online application. This process is quick and easy, and there is no cost to apply.
Step 6: Open a business bank account
Opening a separate business bank account is an important step in keeping your personal finances separate from those of the partnership. It can also make keeping track of financial records and taxes much easier.
To open a business bank account, you will need to provide your Certificate of Partnership, EIN, and other business documentation. You may also need to make an initial deposit to fund the account.
Conclusion
Creating a general partnership in Delaware can be a great way to bring multiple individuals together to collaborate and work towards a common goal. By following the steps outlined above and working with a qualified legal professional, you can ensure that your partnership is formed legally, and has the best chance for success.
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