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Video instructions and help with filling out and completing When Form 4797 Partnership

Instructions and Help about When Form 4797 Partnership

You and a friend have decided to go into business together and you think you want to form a partnership hello I'm Robert Todd and I'm here to answer the question how do i form a partnership well one of the first things you might consider is contacting the Small Business Administration office that is close to the area that you are intending to do business and find out from them what licenses and registrations you need to make on the next step is to obtain a federal tax ID number from the Internal Revenue Service and then you may consider obtaining the appropriate identification number from your particular state's Department of Revenue then you want to consider what's going to be in the partnership agreement we strongly recommend that you have a partnership agreement that outlines who's going to do what who's going to be compensated for their efforts in what ratio and who would receive the assets and who would receive the liabilities in the event that the partnership dissolved you may wish to consult an attorney to draft a partnership agreement I'm Robert Todd and thank you for watching.