GP, filed in your BOS.

A general partnership forms when two or more people carry on business together, and it can arise automatically with no state filing, though you may still need a DBA, an EIN, and licenses. Its defining feature is that partners share management and unlimited personal liability. We flag whether an LLC would serve you better and handle the setup either way.

Generally no to exist, since it can form from partners simply doing business together, but it often needs a DBA, an EIN, and local licenses, and LPs and LLPs do require filing. We flag your obligations so a general partnership is properly set up even without a formation filing.

Unlimited personal liability: general partners are typically personally liable for the partnership's debts and often for each other's business actions, so one partner's mistake can reach every partner's personal assets. We flag this exposure so you weigh a general partnership against a liability-protected LLC.

Often yes: an LLC gives multiple owners the same shared ownership and management but with a liability shield a general partnership lacks, plus an operating agreement in place of a partnership agreement. We flag the trade-offs so your multi-owner business gets protection, not just simplicity.

Strongly: without a partnership agreement, state default rules govern profit splits, decisions, and departures, often unfavorably, so a written agreement prevents most partner disputes. We flag its importance so your partnership's terms are set deliberately rather than by default.

It is a pass-through: the partnership files an information return and issues K-1s, and partners report their shares on their personal returns, typically owing self-employment tax, so there is no entity-level income tax. We flag how the tax works so partners understand their filing and payment obligations.

Yes: a partnership generally needs its own EIN to file its return, open a bank account, and handle payroll, even though income passes through to the partners. We obtain the EIN so your partnership can operate and file correctly from the start.

Depending on the agreement and state law, it can dissolve when a partner leaves or the partners agree to wind down, and a partnership agreement makes that orderly. We flag how dissolution and departures work so ending the partnership is planned rather than chaotic.

Yes: we handle the DBA, EIN, and licensing a general partnership needs, form an LP or LLP where you want one, and flag whether an LLC would protect you better, so your multi-owner business is set up in the right structure with clear terms.