**Introduction**
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A general partnership is a form of business entity where two or more individuals or entities come together to operate a business. Each partner contributes to the business financially, including capital, labor, and skills. In West Virginia, establishing a general partnership follows a legal process with specific requirements. In this article, we will explore what it takes to create a general partnership in West Virginia.
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Step 1: Choosing a Name for Your Partnership
The first step towards creating a general partnership in West Virginia is choosing a name. The state law requires that the business name must be unique and distinguishable from any other registered or reserved business names. The name must also contain one of the following phrases to signify a partnership: "partnership," "associates," "co," "and company," "limited," "LTA," or "LP."
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Once you have settled for a proposed name, check with the West Virginia Secretary of State Business Center to ensure it is available. You can do this through the online portal or by visiting their office physically. Upon finding a suitable name, you can move on to the next step.
Step 2: Write a Partnership Agreement
A partnership agreement is a legal document that binds two or more individuals or entities in a business partnership. The agreement outlines the responsibilities, authority, and share of each partner in the business. It also defines how decisions are made, capital requirements, the profit and loss distribution, and partner membership changes.
As a general rule, every partnership should have a written partnership agreement to avoid unexpected disagreement that can lead to dissolution. A written agreement will also serve as a reference point when a conflict arises.
Step 3: Register Your Partnership
After drafting a partnership agreement, the next step is submitting the required paperwork to the West Virginia Secretary of State Business Center. It is advisable to hire a lawyer at this point to ensure your documents are in order.
The registration forms require that you submit the names and addresses of all partners and agents— a person who will receive mail and legal notices on behalf of the business. You will also need to provide your partnership operating agreement and pay a filing fee.
Once the submitted documents are approved, you will receive a Certificate of Amendment from the West Virginia Secretary of State. It is your official confirmation that the partnership is now a legal and created business entity.
Step 4: Obtain Business Licenses and Permits
To complete the formation process of your partnership, it's essential to obtain the necessary licenses and permits depending upon your business type. For instance, a general partnership operating in food service or retail industry needs a registered sales and use tax account and a food handler's permit.
You can consult the West Virginia One Stop Business Portal to learn about the necessary permits required to run your business legally.
Conclusion
Forming a general partnership in West Virginia can be relatively straightforward if you follow legal procedures. The first step is to choose and reserve a distinctive and unique business name. You must also write a partnership agreement that outlines the partner's responsibilities, business operations, and profit-sharing.
The following steps are submitting the required paperwork to the West Virginia Secretary of State and then obtaining the appropriate business licenses and permits.
However, this process can become complicated quickly and raise legal duties that one may overlook. To avoid mishap, it is advisable to hire a business attorney. With these simple steps, you can create a partnership that will profit both you and your partner(s).
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