What is the process for establishing a legal partnership?

In Arizona, the process for establishing a legal partnership is outlined in the Arizona Revised Statutes, Title 29, Chapter 4. According to the statute, two or more people engaging in a business venture may form a partnership if they enter into a written agreement and register their business name with the Arizona Corporation Commission. A partnership agreement spells out the roles and responsibilities of each partner and outlines the relationship between the partners. It includes contributions and investments each partner is making, how profits and losses will be distributed, and other important considerations. After the partnership agreement is established, the business partners must register their partnership with the Arizona Corporation Commission. This includes filing certain documents, including the Statement of Partnership Authority and the Certificate of Filing of the Statements of Partnership Authority. The filing of these documents provides public notice of the partnership. To legally operate as a partnership, the business must also obtain a business license, register their business with the Arizona Department of Revenue, and obtain all necessary permits and licenses. Once these steps are completed, the partnership is legally established and may begin operating. However, the partners should periodically review the partnership agreement to ensure that it still meets the needs of the business and all of the partners involved.

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What is the process for establishing a legal partnership?

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