A partnership is a fairly simple business structure. Whenever you share assets and commitments with another person, the agreement should be well thought out and legally binding. Your first thought is the type of partnership you will conclude: general or limited. The types of partnerships proposed in Washington are compared below, with information indicating the differences between liability and tax considerations. The next steps will describe the key requirements for partnerships in Washington. Your partnership may have specific requirements that are not mentioned here, always consult the Secretary of State for details. In almost every situation, you want to make your LLC in your home country, but there are a few rare exceptions to the rule. Choosing what type of partnership is right for your business is an important decision. An experienced business firm like Dickson Frohlich can help you get to the best of choices and develop a partnership contract that protects your interests. This agreement also allows you to anticipate and resolve potential business conflicts, prepare for certain business contingencies and clearly define the responsibilities and expectations of partners. A limited liability company is a more formal corporate structure that combines the limited liability of a corporation with the tax advantages of a corporation. Launch an LLC with an LLC operating contract.
If you are thinking of creating a business partnership, take the time to do it properly. If the terms of the partnership are clarified from the outset, friction and misunderstanding on the way will be reduced. Dickson Frohlich`s economists help you establish a partnership agreement that protects all parties and works in the best interests of your business. To start, CALL NOW for a free 15-minute consultation, with no further commitment. We look forward to working with you. Investors, lenders and professionals will often seek agreement before allowing partners to obtain investment funds, provide financing or obtain adequate legal and tax assistance.