If you have decided to form a partnership then you must go through an extensive process to make your partnership legally authorized. In this act of deed you need to start with;
- Discussing the details of your business with your partner(s) face to face. This includes the objective and goals of the business, the products and services that will be offered, where the business will be operated, what role each business partner will have in the growth of the business.
- Decide which type of partnership is more suitable for your business.
- Once you decide the form of partnership the next step is to get an Employer Identification Number (EIN) for you and your partners to use in the course of business. That will be necessary for you to open your business bank accounts, register with your state and pay employees.
- Now, its time to draw up a partnership agreement.
- File your business license in your state and be sure to register your business as a partnership, listing all owners.
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