Partnerships are the simplest and most efficient type of business entity in the United States. Under U.S. law a partnership is a business association of two or more individuals, through which partners share the profits and responsibility for the liabilities of their business. Partnerships have no formal startup costs, and usually have no regulations aside from industry specific rules to comply with.
A partnership is the default status a business is given (sole proprietorship is only one partner), and essentially can begin working without any permission or registration with the state. The only things a partnership will need to start are the components that it will need to conduct its business activity, such as contracts, agreements between the partners, and if desired, a sperate bank account and tax ID number.
The advantages of using a partnership structure as a business include:
The disadvantages of using a partnership structure as a business include:
A General Partnership (GP) is the most basic structure in the U.S., and will be the default status your business is given if you do not register it otherwise. There are no formal startup costs for establishing your business as a GP, and the business will operate solely based on the agreements and contracts that you write to govern your business (certain business activities and industries will have their own regulations depending on which state you operate in).
A partnership is a good structure to choose if you want the maximum flexibility and freedom to run your business as you desire. As a full-service business and corporate law firm with U.S. and German counsel, we will evaluate your business plan and determine the most advantageous strategy to establish your business in the U.S.
As there are no formal startup costs or regulatory requirements (aside from licenses, business permits and U.S. tax identification number) for a U.S. partnership structure, the internal agreements and contracts will be the primary guide to how your business is run. The key to a successful partnership is having the right documents and contracts so you can start working and ensure your business will operate and grow according to your goals.
Our services include:
If you have a sincere interest to expand your business and enter the U.S. market, whether to establish a partnership or invest in the U.S., our team is ready to support you. We explain all requirements establishing a U.S. partnership and support you on all steps ahead. Your U.S. partnership attorneys are:
We can provide you with a consultation and ongoing legal services in German and English. Get in touch! The easiest way to reach us is by e-mail (firstname.lastname@example.org) or by phone (+49 69 76 75 77 80). Tell us more about your U.S. business and we will offer a service package tailored to your particular needs.