{"id":8395,"date":"2021-01-27T15:50:44","date_gmt":"2021-01-27T20:50:44","guid":{"rendered":"https:\/\/www.argentplacelaw.com\/?page_id=8395"},"modified":"2022-12-19T13:17:37","modified_gmt":"2022-12-19T18:17:37","slug":"partnership-agreements-in-haymarket","status":"publish","type":"page","link":"https:\/\/www.argentplacelaw.com\/haymarket-va-services\/partnership-agreements-in-haymarket\/","title":{"rendered":"Partnership Agreements in Haymarket"},"content":{"rendered":"
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Business Partnership Agreements in Haymarket, VA<\/h1>\n

Background.<\/b><\/h3>\n

Because Partnerships in Haymarket\u00a0<\/span>are not registered with the state, they are similar to a Sole Proprietorship, except that Partnerships involve more than one person. Here are a few facts you should be aware of when starting a Partnership:<\/p>\n

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  1. If you start a business with someone on a handshake and don\u2019t register the company with the state, you have a de facto General Partnership.<\/li>\n
  2. Partnerships must register in the county or city where your business is located in order to do business there.<\/li>\n
  3. Unless there is a written partnership agreement, the relationship among the partners is governed by the partnership laws within your state.<\/li>\n
  4. When partners open a bank account or file federal tax returns, a separate employer identification number (EIN) from the IRS must be used to reference the company, even if they have no employees.<\/li>\n
  5. Partners are \u201cjointly and severally liable\u201d for everything the company does. That meanseach partner <\/i>is liable to the full extent of assets of the company plus their own personal assets. That liability extends to everything your partner or employees do. So if your partner thinks it is a good idea to buy an expensive car in the name of the partnership, you become personally liable to pay for that car. You can mitigate that risk by having enough insurance to cover all of your personal assets. Check with your insurance agent to be certain they are willing to cover the acts of your partner and employees in your liability policy.<\/li>\n<\/ol>\n

    The Argent Place Solution.<\/b><\/h3>\n