General Partnership

A general partnership is a partnership in which partners share equally in both responsibility and liability. Some key features of a general partnership are that all of the partners have the ability to actively manage or control the business. This means that every owner has authority to make decisions about how the business is run as well as the authority to make legally binding decisions. Unless the partners have a partnership agreement, each partner will have equal authority. General Partnerships are usually comprised of two or more persons who enter into a written or sometimes an oral agreement to engage in business practices that will hopefully make a profit.

There are no formal requirements to register with the Secretary of State when you create your General Partnership. Some states, like North Dakota and New York, instruct you to file a Fictitious Name statement with the county clerk. Depending upon the business activity of the company, there may be a requirement to obtain certain licenses and permits in order to conduct business. It is to your advantage to determine what the license requirements are in the state that you wish to conduct business as this entity type.

UCS is with you every step of the way by providing the necessary forms to file with the Secretary of State as well as assist with drafting and submitting to the proper department.

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