(303) 268-3991

Law Offices of E. Christopher Lang P.C.  

Partnerships


This Page is dedicated to allowing people a convenient low cost alternative for:
Setting up a Partnership
in the Denver of Colorado and All Surrounding Areas.

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(303) 268-3991
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Tired of Working for Someone else?
Want to
Start your Own Partnership Business in Denver, Colorado but Don't know where to Start? At the Law Offices of E. Christopher Lang P.C. we have a low cost fee of helping you get your new business all set up and ready to go!

Create a Partnership

The partnership is an entity consisting of two or more persons engaged in an activity to make a profit. It is very similar to the sole proprietorship except that it involves more than one person. Once again no papers may be required to be filed with the Secretary of State’s office but one should file a Colorado Business Registration form with the Colorado Department of Revenue. Once again I advise you open a separate business bank account and keep a general ledger of the business’s activities. All partnerships should get a taxpayer identification number. This is obtained by completing a form SS-4. Limited Partnerships require the filing of documents with the Secretary of the State's office in Colorado.

The partnership files a form 1065 partnership tax return. This tax return serves as an informational return for the Internal Revenue Service. The tax return never has tax due but the income and losses of the partnership flow through to the individual partners in accordance with the partnership agreement.

All partnerships should have a partnership agreement that at a minimum sets forth; admittance of new partners, buy out of old partners, ownership interests, voting percentages, division of profits and losses and termination of the partnership. Partnerships do not provide liability protection and each partner is jointly and severally liable for the partnership. Therefore, if your partner causes a liability in the partnership the injured party may seek full restitution from you and your remedy would then be against your partner.

Not Quite What you're Looking For?

If a Partnership isn't quite what you're looking for, please see the other entities that we offer that might suite you better. Click on each one for more information.

 Limited Liability Company
"S" Corporation
 
Partnership
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