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Do I Need a Partnership or Limited Liability Company Operating Agreement?  

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YES!  You avoid costly disputes.                

Prepare Your Agreement Now!  PARTNERSHIPS

 A general partnership:  all the partners share in the management, and all partners are liable for the decisions made. In a general partnership, a partner is held jointly and severally liable for the acts of the other partners.

You should have a partnership agreement outlining the job description, capital contribution, responsibilities and expectations of each partner.  

Limited partnership: liability for the limited partner is limited. One or more partners control and manage the business, while others take no part in it.

You could register your partnership but in most states you don't need to.  Your partnership agreement is enough.  If you register it, it will be a limited a partnership partially a separate entity in that it calculates its business income and expenses on its own financial statements, but  the tax benefits or liabilities flow through to each partner.

• Ownership capital contribution and participation
  Each individual's contribution may not always be monetary. Contribution of time, services, capital, equipment, expertise can be considered capital contribution.
  
• Dispute resolution
  Establish a process you are going to solve problems before they occur rather than in the midst of a dispute.
  
  
• Distribution of profits
  Who receives a share of the profits; how much that share will be.

Do I Need an Limited Liability Company    operating agreement?

 

Most states' Limited Liability Company laws don't require an  operating agreement. However,  an operating agreement is necessary:

• The courts  respect your personal liability more if they see organization behind it.
• It outlines  how profits will be split up, how business decisions will be made.
• It helps to avoid disputes  between the owners

 

    Prepare Your Agreement Now!  Click Here

 

 

 Starting a Business?

Required  Business Permits & Licenses

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These rules apply to ALL States & ALL businesses:

Fees 

• All businesses need these licenses                                         

  • Including online Websites, ebay, home, Sole Owners, partnerships, corporations, or any other business. 

    All Businesses are  required to obtain a Business License,

   Businesses using a  name other than the owner's name  are required to register a Business License

    Employers are required to obtain a  state Tax Id  and a federal Tax Id (FEIN) 

   Wholesalers / retailers of taxable goods / services need a  Seller's  Permit

  Corporations or Limited Liability Company s are required to obtain a federal Tax Id (FEIN) and required to obtain a Business License.      

 

Table of Required Licenses     Fees 

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• Business License - All Businesses are required to obtain a Business License.

  •  (Note: A corporation or a Business License filing is NOT a business license filing).

• Business License , Business Name Certificate - All Businesses that use a business name other than the owner's personal or legal name are required to register a Business License.  

  •  (NOTE: (1) You need a Business License , business name certificate to open a bank account and  obtain insurance or other licenses. (2) You are NOT required to obtain a Business License in KS, MS, or TN. (3) In some states, you need a business license  before you can obtain a Business License , Business Name Certificate )   Back to Top

• Wholesale License - All Businesses that are Retailers or Wholesalers of taxable goods or services are required to obtain a Wholesale License , resale, reseller's, wholesale License. 

  • (NOTE: You are NOT required to obtain a Wholesale License in AK, MO, NH, or OR - in these states, use a federal tax id instead) In all other states, you cannot legally start selling without this permit.  Also, this Permit is required IN ADDITION to a business license (Corporations & Limited Liability Company s are required to have it as well). Back to Top

• State Employer Tax Id EIN - All Businesses that are employers are required to obtain a State Employer Tax Id EIN and a federal employer tax id FEIN.

  • ( Note: You need a federal tax id before you can obtain a state tax id - Corporations & Limited Liability Company s are included) Back to Top

• Federal Tax Id FEIN - All Businesses that are Employers, Corporations, Limited Liability Company s, or Ltd partnerships  are required to obtain a Federal Tax Id FEIN.

  • Note that sole owners may obtain this business id number as well  and use it (instead of a SS#) to open a business bank account as well as use it to build business credit.  Back to Top

• Corporation  OR  Limited Liability Company    - Recommended to reduce taxes, obtain corporate credit, protect assets, and eliminate personal legal, civil and financial liability.

  • Note that all corporations and Limited Liability Company s must also have a federal tax id AND  a business license  as well as a Wholesale License if selling taxable items and  a state ein if it has employees.

 

• All Online Businesses should have a web site and a merchant account   Accept credit cards, PayPal® and more

 

More...

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