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Ohio Partnerships

When considering a new partnership it is important to get the advice of an Ohio attorney. Partnerships are extremely personal business ventures that begin with friends or family. Because of the personal nature of business sometimes there are differing ideas once the partnership is formed and this can lead to souring relationships.

Due to histories of unfortunate circumstances between business partners it is always better to be safe than sorry. At VanHo Law, we take pride in building your business partnerships in a way that ensures your future is care free. Our Ohio attorney can assist you with all of your partnership law needs and can guide you through the entire process so you can rest assured your business is secure.

It is important to know the difference between a joint venture and a partnership, click here for more information.

What to Be Aware of When Forming a Partnership

When forming a partnership there are two different kinds of partnerships that can form: one is general partnerships which create an equal share of the profits, tax requirements, liability, and comes with the least government oversight. Limited partnerships involve forms of ‘Limited Liability Companies (LLCs)' where the partners involved have less liability over the company as a whole.

Forming partnerships involve:

  • Taxes
  • Liability
  • Register a Business Name
  • Acquire an Employer Identification Number (EIN)
  • Acquire Any Other Licenses and/or Tax Ids
  • Establish a Business Account, File with the Ohio Secretary of State and Department of Taxation

If you have any further questions please contact our Ohio Business attorneys today.

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