What is required to form a partnership?

Forming a partnership in the state of Georgia requires a few key steps. First and foremost, all parties forming the partnership must enter into a written agreement. This agreement should include the purpose of the partnership, the partners’ rights and responsibilities, and how profits and losses will be divided among the partners. Second, the partnership must register with the Secretary of State by filing a Certificate of Partnership. This Certificate will include the partnership name, the main business address, the name and address of each partner, and any other information the Secretary requires. Third, the partnership should obtain an Employer Identification Number from the Internal Revenue Service. This will be used for filing documents and other tax matters. Finally, the partnership should check with the Georgia Department of Revenue to determine if it needs to obtain a sales and use tax registration number or pay any other taxes necessary. In addition to these four steps, Georgia law also requires that each partner should contribute money, property, labor or skill to the partnership. The partnership should also have a process for admitting new partners and for dissolving the partnership should it become necessary.

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