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A general partnership is a popular and straightforward form of business structure in Washington State. It involves two or more partners coming together to run a business for profit. If you're considering starting a general partnership in Washington, this guide will walk you through the step-by-step process, highlights, and legal requirements to help you get started.
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1. Understand the Basics of a General Partnership
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Before diving into the steps to create a general partnership in Washington, it is crucial to understand its fundamentals. A general partnership is an agreement between partners to operate a business for collective profit. Each partner contributes assets, labor, skills, or knowledge to the partnership's business, and in turn, shares the profits, losses, and decision-making responsibilities.
The key characteristic of a general partnership is that each partner shares equal liability and personal responsibility for the actions and debts of the partnership.
2. Choose a Name for Your General Partnership
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Start by choosing a unique name for your general partnership that is distinguishable from other businesses in Washington. The selected name should also fulfill certain legal requirements, such as not containing any restricted words, and indicate that it is a general partnership (e.g., "Smith & Adams General Partnership").
Before finalizing the name, conduct a name availability search through the Washington Secretary of State website to ensure it is not already in use.
3. Create a Partnership Agreement
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While not a legal requirement, creating a partnership agreement is highly recommended to establish the terms and conditions between partners. This agreement should outline each partner's rights, responsibilities, capital contributions, profit-sharing ratios, decision-making processes, and procedures for admitting and withdrawing partners.
Consult with an attorney or utilize online resources to draft a comprehensive partnership agreement that aligns with the needs and goals of your general partnership.
4. Obtain the Required Licenses and Permits
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Next, identify and secure the necessary licenses and permits specific to your business' industry and location. The Washington State Department of Licensing can provide you with information on the permits required for your business. Additionally, specific occupations may require additional licensing or certification, so be thorough in your research.
5. Obtain an Employer Identification Number (EIN)
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An Employer Identification Number (EIN) is required for most general partnerships in Washington, especially if you plan to hire employees or establish a bank account in the partnership's name. Obtain an EIN by applying online through the Internal Revenue Service (IRS) website .
6. Register your General Partnership with the Washington Secretary of State
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To legalize your general partnership in Washington, you must file a Certificate of Partnership with the Washington Secretary of State. Gather the following information before proceeding:
1. Partnership name and address
2. Registered agent's name and address
3. Effective date of the partnership
4. Expiration date, if applicable
5. Names and addresses of all partners
6. Name and address where records will be kept
Submit the completed Certificate of Partnership form along with the filing fee to the Secretary of State either online or through mail.
7. Comply with Additional Local and State Requirements
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Beyond the Washington Secretary of State filing, review and comply with any additional local or state-specific requirements pertaining to your business activities. This might include registering for Washington State taxes, obtaining necessary permits, and adhering to local zoning ordinances.
8. Register for State Worker's Compensation Insurance
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In Washington, all businesses with employees are required to provide worker's compensation insurance coverage. Register for worker's compensation insurance through the Washington State Department of Labor & Industries website. Failure to provide this coverage may result in significant penalties and legal consequences.
9. Establish Record-Keeping and Tax Filing Systems
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Maintaining accurate records is vital for the smooth operation of your general partnership. Establish a system for record-keeping and tax filings to ensure compliance with state and federal requirements.
Consider consulting with an accountant or using professional accounting software to streamline your financial and tax responsibilities.
10. Secure Business Insurance Coverage
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Protect your general partnership from potential risks and liabilities by obtaining appropriate insurance coverage. Research and assess the various insurance options available for your business, such as liability insurance, property insurance, or professional liability insurance. Consult with an insurance agent to select the best coverage based on your business needs.
By following these ten steps, you will have successfully created your general partnership in Washington. Remember to consult legal and financial professionals as needed and continually stay informed about ongoing compliance requirements to ensure the success and longevity of your partnership.
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