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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. 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 states 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 partnership dissolved. You
may wish to consult an attorney to draft a partnership agreement. I'm Robert Todd and
thank you for watching.