Washington General Partnership Package

State:
Washington
Control #:
WA-P022-PKG
Format:
Word; 
Rich Text
Instant download

Description

With this General Partnership Forms Package, you will find the general forms that will assist you with the formation, management and dissolution of a partnership. You may modify these forms to suit your particular needs or situation.


Included in your package are the following forms:



1. A Simple Partnership Agreement;

2. A Sample Complex Partnership Agreement

3. A Buy Sell Agreement between Partners in a Partnership;

4. A Profit – Loss Statement; and

5. An Agreement for the Dissolution of a Partnership.


Purchase this package and save up to 40% over purchasing the forms separately!

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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

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FAQ

A partnership is a form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates.There are three types of partnerships: General partnership. Limited partnership. Joint venture.

LLCs protect owners against personal liability for business debts and lawsuits. This safeguards the personal assets for all owners. In a general partnership, owners have unlimited, personal liability for the businesses' debts, including, but not limited to, the acts of employees.

There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP).

LLC partnership (also known as a multi-member LLC) Limited liability partnership (LLP) Limited partnership (LP) General partnership (GP)

General Partnership: Limited Partnership: Limited Liability Partnership (L.L.P): Partnership at Will: Particular Partnership:

Types of Partnership General Partnership, Limited Partnership, Limited Liability Partnership and Public Private Partnership.

Aside from formation requirements, the main difference between a partnership and an LLC is that partners are personally liable for any business debts of the partnership -- meaning that creditors of the partnership can go after the partners' personal assets -- while members (owners) of an LLC are not personally liable

A general partnership is a business arrangement by which two or more individuals agree to share in all assets, profits, and financial and legal liabilities of a jointly-owned business.Furthermore, any partner may be sued for the business's debts.

Regarding liability, an LLC is always better than a general partnership. You and your partners can form an LLC and limit your personal liability. However, there will be additional costs in setting up and registering an LLC.

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Washington General Partnership Package