Summary: When starting a business partnership, be sure to research what that state requires for licenses and permits before moving forward. Begin a lasting business partnership by putting all legal pieces in order with tips from a lawyer in this free video on business law.
Robert Todd is the managing partner and president of Robert M. Todd, P.A. and Family Law Solutions. He is a certified family mediator and Florida Supreme Court certified civil...read more
"You and some other individuals want to go into business together and you've decided the best form of business for you to operate under would be a partnership. Hello, I'm Robert Todd, and I'm here to answer the question, how to start a partnership? Well one of the first things you may want to consider is checking your particular state in which you're going to do business, and the laws governing partnerships and partnership agreements. Then you want to be sure to determine what your state and your local governmental ordinances require in the nature of licenses and permits. And perhaps one of the best ways to find that out is to contact the local office of the small business administration, and they can assist you in that regard. Then you want to be sure and get an employer identification number from the Internal Revenue Service, and if your state requires an ID number, you want to contact the Department of Revenue in your state to get that ID number. Finally, you want to be sure that there's a written agreement that governs the specifics of your legal arrangement with your partners. Who gets what, who does what, what happens if the business goes under, and so forth and so on. And if this is something you haven't done before, and you don't feel comfortable doing, you may want to strongly consider obtaining legal counsel from a lawyer who specializes in this area to assist you. I'm Robert Todd, and thank you for watching."