West Virginia General Partnership Package

State:
West Virginia
Control #:
WV-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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FAQ

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.

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

Cost to Form a West Virginia LLC The LLC filing fee is $100; however, the fee is waived for veteran-owned businesses. Standard approval for the LLC is 5-10 days. Expedited service is available.

Profits subject to social security and medicare taxes. In some circumstances, owners of an LLC may end up paying more taxes than owners of a corporation. Owners must immediately recognize profits. Fewer fringe benefits.

A limited liability company (LLC) is a popular choice among small business owners for the liability protection, management flexibility, and tax advantages this form of business entity often provides.

They both offer "pass-through" taxation, which means that the owners report business income or losses on their individual tax returns; the partnership or LLC itself does not pay taxes. And both are eligible for the 20% pass-through deduction established by the Tax Cuts and Jobs Act.

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.

The filing fee is $100.

LLCs are similar to corporations in that they offer limited liability protection to its owners. LLCs also have fewer corporate formalities and greater tax flexibility. However, one of the disadvantages is that profits may be subject to self-employment taxes.

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West Virginia General Partnership Package