A general partnership is a type of business structure where two or more individuals combine their skills, resources, and expertise to create and run a business. Unlike a limited partnership, where there are active and passive partners, all partners in a general partnership are equally responsible for the debts and obligations of the business. This makes a general partnership a popular option for entrepreneurs who want to start a business with a partner without creating a complex legal structure.
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# Step 1: Choose a Partnership Name
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The first step in creating a general partnership in Oregon is to choose a partnership name that is not already in use by another registered business in the state. After conducting a name search on the Secretary of State website, you can reserve your chosen name for 120 days by filing Form LLP-10.
# Step 2: Create a Partnership Agreement
Even though a general partnership does not require any formal filing with the state, it is important to have a partnership agreement that outlines the roles, responsibilities, and expectations of all partners. This may include the division of profits and losses, decision-making authority, managerial duties, and dispute resolution processes. It is recommended to consult with a business attorney to draft a partnership agreement that covers all aspects of the partnership.
# Step 3: Obtain Business Licenses and Permits
Depending on the industry and location of the partnership, you may need to obtain business licenses and permits from the state and local government. This may include permits for food service, construction, health care, and more. You can check with the Oregon Business Xpress portal to determine which licenses and permits your partnership needs to operate in compliance with state laws.
# Step 4: Register for Oregon Taxes
All businesses in Oregon must register for a Business Identification Number (BIN) and obtain any necessary tax permits and licenses. This may include registering for state-level Income Tax withholding, Sales Tax, and Unemployment Insurance taxes. You can register for taxes online at the Oregon Department of Revenue's website.
# Step 5: Open a Business Bank Account
To keep personal and business finances separate, it is important to open a business bank account in the name of the partnership. This will make it easier to track income and expenses, pay taxes, and issue payments to partners and employees. You may need to provide documents such as a partnership agreement, EIN, and business license when opening a business bank account.
# Step 6: File an Annual Report
Although not required for general partnerships in Oregon, all businesses are required to file an Annual Report, also known as a Business Registry Renewal, with the Secretary of State. The report is due in the anniversary month of the initial registration and can be filed online through the Oregon Business Registry.
# Conclusion
Creating a general partnership in Oregon is a straightforward process that requires choosing a partnership name, creating a partnership agreement, obtaining business licenses and permits, registering for Oregon taxes, opening a business bank account, and filing an Annual Report. It is important to consult with a business attorney to ensure that all legal requirements are met and that the partnership agreement reflects the needs and goals of all partners. With proper planning and execution, a general partnership is a viable and low-cost option for entrepreneurs who want to start a business with a partner in Oregon.
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