A general partnership is an agreement between two or more individuals or businesses to work together towards a common goal. In Washington state, a general partnership is a legal entity that provides several benefits to its members. These benefits include, but are not limited to, a simplified structure, shared profits and losses, and personal liability protection.
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If you're interested in starting a general partnership in Washington, there are several important steps you need to take. This article will guide you through the process of creating and registering your partnership with the state.
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Step 1: Choose a Business Name
Before you can register your general partnership with the state of Washington, you need to have a unique business name. It is important to choose a name that is easy to remember, unique, and relevant to your business. Once you have a name in mind, you can conduct a business name search on the Washington Secretary of State website to ensure that the name is available and not already in use.
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Step 2: File a Partnership Agreement
The next step in creating a general partnership in Washington is drafting and filing a partnership agreement. A partnership agreement is a written agreement between the partners and outlines the specifics of the partnership. It serves as the foundation of the business and should be given proper attention.
Parts of a partnership agreement include:
Partners’ information - name, address, and percentage contributions
Business’ information: name, address, purpose, and location
Permitted expenditures
Dispute resolution methods
Provision for partner departure, disability, or death
Although it is not required by law in Washington, a partnership agreement protects each partner by laying out fundamental issues such as profit sharing and decision-making procedures. As you prepare to draft your partnership agreement, it can be helpful to seek the advice of an accountant or attorney to ensure that all the important aspects are covered.
Step 3: Obtain a State Business License
In Washington, it is required to have a state business license to operate a general partnership. Applying for a state business license is easy and can be done on the Washington State Department of Revenue website. Be sure to have all of the required information, such as social security numbers or federal employer identification numbers, before starting the process to avoid any delays or complications.
Step 4: Obtain any Required Local Business Licenses
In addition to a state business license, you may also need to obtain a local business license. This will depend on where you plan to operate your business and what type of business you are running. Check with your local county and city government and obtain any necessary licenses.
Step 5: Register for Taxes
Once you have obtained your state business license in Washington, you will need to register for state and local taxes. Register for both State and sales tax registration in the same Business License Application (BLA), this will also issue you a reseller permit. Only register your business structure’s name or the titles of all owners.
Step 6: File an Annual Report
In Washington, general partnerships are required to file an annual report with the Secretary of State's Office. The purpose of this report is to provide updated information on the partnership’s current status, business address, and partners in the partnership. This is required to keep your partnership in good standing. The Secretary of State's website provides easy-to-follow instructions on how to file an Annual report online or on paper.
Conclusion
In closing, creating a general partnership in Washington can be a straightforward process if you follow these six critical steps. Choose a unique business name, draft and file the partnership agreement, obtain a state business license and all required local business licenses, register for taxes, and file an annual report. Furthermore, it pays to seek the advice and support of a steering committee or lawyers to guide you in establishing the partnership effectively. Following these steps will guide you in correctly creating a successful partnership.
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