A partnership per se, doesn’t require taking any official legal protocol, but if the partnership involves a for-profit business it must be registered in the state. There are also some basic guidelines available to help get the partnership off to a successful beginning.
Your business will need a name. Standards propose that you choose one that is unique to the type of business it represents. Customers like to be able to relate to the words used to describe a business so it may be best not to stray too far out of the box. There are professionals who will do the research for you to come up with a name that will both identify and showcase your enterprise, but their services can be pricey. Once you have decided on a name for your business your attorney can file it with the office of the Secretary of State.
The Colorado Office of Economic Development has issued a directory specifying the licensing requirements for various kinds of business partnerships. Your attorney will also look into any local pre-conditions involving things like building permits and zoning laws.
Every business partnership is required by law to obtain an Employer Identification Number through the Internal Revenue Service. You will need to use your EIN when filing your Colorado state tax forms and in setting up a financial account for your business.
Although it is not compulsory your attorney will strongly recommend that you and your partner meet with him to discuss the terms of your partnership agreement. His experience in these matters will be invaluable in helping to foresee the various situations that most often arise in a business partnership. It will be to the benefit of both parties to know that they are on the same page as to how to handle these issues if and when they arise.
The expertise of Parker Lawyers is available to clients from the Denver Metro area and surrounding counties. Call on us @ 303-841-9529 for advice on any of your legal needs.
