Are you and another person interested in starting a business together but don't want to incorporate or form an LLC? Then a general partnership may be the right option for you. General partnerships are easy and cost-effective to form, making them a popular option for small business owners. Wyoming, in particular, has a reputation for being business-friendly, with low taxes, minimal regulations, and strong asset protection laws. Here is a step-by-step guide on how to create a general partnership in wyoming.

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Step 1: Choose a Name

The first step in forming any business is to choose a name. You should choose a name that is easy to remember, unique, and one that does not infringe on another business's trademark. In Wyoming, you can even conduct a name search online on the Secretary of State's website. Once you have confirmed that your chosen name is available, you can move on to the next step.

Step 2: Write a Partnership Agreement

A partnership agreement is a legally binding contract that outlines the partnership's purpose, terms, and conditions. This document should detail the roles and responsibilities of both partners, how profits and losses will be split, and how the partnership can be dissolved. A solid partnership agreement can prevent disputes and provide a roadmap for the business's future success.

Step 3: Register for a Trade Name

If the name of your partnership does not include the partners' names, then you must register a trade name with the Wyoming Secretary of State. This process requires you to file an application with the Secretary of State and pay a fee.

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Step 4: Obtain all Necessary Licenses and Permits

Before starting a business in Wyoming, you must ensure that you have all the necessary licenses and permits. Wyoming does not have a specific license or permit requirement for general partnerships, but it's important to check with the relevant county and city authorities to obtain the appropriate business licenses and permits.

Step 5: Get an EIN

An Employer Identification Number (EIN) is a unique nine-digit number that the Internal Revenue Service issues businesses. EINs are used for identifying and tracking businesses for tax purposes. As a partnership, you will need to get an EIN, even if you don't have any employees.

Step 6: File a Statement of Partnership Authority

A Statement of Partnership Authority (SPA) is a document that lists the names and addresses of all members of the partnership. This document must be filed with the Wyoming Secretary of State, and there is a $100 fee.

Step 7: File an Annual Report

All businesses in Wyoming must file an annual report with the Secretary of State. The annual report provides updates about the partnership's current information, such as its registered agent, address, and contact information.

Step 8: Pay Taxes

As a business owner, you will be responsible for paying federal, state, and local taxes. Wyoming has a low tax rate, making it an attractive state for business owners. You can register online at the Wyoming Department of Revenue's website to receive your sales tax license.

Final Thoughts

Creating a general partnership is a simple and straightforward process. Partnership agreements are a must in any partnership formation, as they lay out the rules and regulations that facilitate a mutual partnership. Working with a lawyer is not necessarily needed, but is always advised for business disputes, so that you are properly protected. Wyoming is believed to be a very business-friendly state with strong asset protection laws to ensure your businesses can have turbulence-free streaks. Following these steps should lead the way to a successful venture.

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