Copyright © Juny Professional Services LLC 2013 / Rights Recerved / Web-Site by Rafael Computers LLC
JUNY PROFESSIONAL SERVICES
8400 KENNEDY BOULEVARD
NORTH BERGEN, NJ 07047
(201) 624-8010
8400 KENNEDY BOULEVARD
NORTH BERGEN, NJ 07047
(201) 624-8010
OFFICE HOURS:
Monday - Friday: 9:00 AM - 5:00 PM
Saturday: Closed
Sunday: Closed
Monday - Friday: 9:00 AM - 5:00 PM
Saturday: Closed
Sunday: Closed
Partnership
A partnership is a single business where two or more people share ownership.
Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each
partner shares in the profits and losses of the business.
Because partnerships entail more than one person in the decision-making process, it’s important to discuss a wide
variety of issues up front and develop a legal partnership agreement. This agreement should document how future
business decisions will be made, including how the partners will divide profits, resolve disputes, change ownership
(bring in new partners or buy out current partners) and how to dissolve the partnership. Although partnership
agreements are not legally required, they are strongly recommended and it is considered extremely risky to operate
without one.
Types of Partnerships
There are three general types of partnership arrangements:
General Partnerships assume that profits, liability and management duties are divided equally among partners. If you
opt for an unequal distribution, the percentages assigned to each partner must be documented in the partnership agreement.
Limited Partnerships (also known as a partnership with limited liability) are more complex than general partnerships.
Limited partnerships allow partners to have limited liability as well as limited input with management decisions. These
limits depend on the extent of each partner’s investment percentage. Limited partnerships are attractive to investors of short-term projects.
Joint Ventures act as general partnership, but for only a limited period of time or for a single project. Partners in a joint venture can be recognized as an ongoing partnership if they continue the venture, but they must file as such.
Forming a Partnership
To form a partnership, you must register your business with your state, a process generally done through your Secretary of State’s office.
You’ll also need to establish your business name. For partnerships, your legal name is the name given in your partnership agreement or the last names of the partners. If you choose to operate under a name different than the officially registered name, you will most likely have to file a fictitious name (also known as an assumed name, trade name, or DBA name, short for "doing business as").
Once your business is registered, you must obtain business licenses and permits. Regulations vary by industry, state and locality. Use our Licensing & Permits tool to find a listing of federal, state and local permits, licenses and registrations you'll need to run a business.
If you are hiring employees, read more about federal and state regulations for employers.
A partnership is a single business where two or more people share ownership.
Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each
partner shares in the profits and losses of the business.
Because partnerships entail more than one person in the decision-making process, it’s important to discuss a wide
variety of issues up front and develop a legal partnership agreement. This agreement should document how future
business decisions will be made, including how the partners will divide profits, resolve disputes, change ownership
(bring in new partners or buy out current partners) and how to dissolve the partnership. Although partnership
agreements are not legally required, they are strongly recommended and it is considered extremely risky to operate
without one.
Types of Partnerships
There are three general types of partnership arrangements:
General Partnerships assume that profits, liability and management duties are divided equally among partners. If you
opt for an unequal distribution, the percentages assigned to each partner must be documented in the partnership agreement.
Limited Partnerships (also known as a partnership with limited liability) are more complex than general partnerships.
Limited partnerships allow partners to have limited liability as well as limited input with management decisions. These
limits depend on the extent of each partner’s investment percentage. Limited partnerships are attractive to investors of short-term projects.
Joint Ventures act as general partnership, but for only a limited period of time or for a single project. Partners in a joint venture can be recognized as an ongoing partnership if they continue the venture, but they must file as such.
Forming a Partnership
To form a partnership, you must register your business with your state, a process generally done through your Secretary of State’s office.
You’ll also need to establish your business name. For partnerships, your legal name is the name given in your partnership agreement or the last names of the partners. If you choose to operate under a name different than the officially registered name, you will most likely have to file a fictitious name (also known as an assumed name, trade name, or DBA name, short for "doing business as").
Once your business is registered, you must obtain business licenses and permits. Regulations vary by industry, state and locality. Use our Licensing & Permits tool to find a listing of federal, state and local permits, licenses and registrations you'll need to run a business.
If you are hiring employees, read more about federal and state regulations for employers.
