State
Guam
Go back to list of states
Categories
Back to states and categories

Guam Partnerships subcategories

Click the subcategory to view all relevant forms.
View all Partnerships forms

Video Guide about Guam Partnerships

Business Entities

Top Questions about Guam Partnerships

A partnership in Guam is a legal business structure where two or more individuals or entities come together to jointly operate a business for profit.

To form a partnership in Guam, you need to select a business name, appoint partners and their roles, and file a certificate of partnership with the Guam Department of Revenue and Taxation.

There are three types of partnerships in Guam: general partnerships, limited partnerships, and limited liability partnerships. Each type has different characteristics and liabilities.

Forming a partnership in Guam allows for shared decision-making, shared business expenses and profits, and flexibility in the management and taxation of the business.

The requirements for partners in a Guam partnership include being at least 18 years old, having the legal capacity to enter into a contract, and actively participating in the partnership's business.

Guam Partnerships Detailed Guide

  • Partnerships in Guam are legal structures formed between two or more individuals or entities who join forces carrying out a business venture. These partnerships are registered under the Guam Partnership Act and require the completion of specific partnership forms.

  • There are primarily three types of partnership forms in Guam:

    • 1. General Partnership: This type of partnership involves an agreement between two or more partners who share the profits, losses, and management responsibilities equally or based on their predetermined shares.

    • 2. Limited Partnership: In a limited partnership, there are two types of partners — general partners and limited partners. General partners bear unlimited liability for the partnership's debts and obligations, while limited partners have limited liability and are not actively involved in managing the partnership.

    • 3. Limited Liability Partnership (LLP): An LLP is a partnership where the partners have limited liability for the partnership's debts and are only liable to the extent of their contributions. This form offers partners more protection against personal liability for the partnership's actions.

  • To fill out Partnerships Guam forms, follow these steps:

    1. Obtain the partnership forms from the Guam Department of Revenue and Taxation or download them from their official website.

    2. Carefully read through the instructions provided with the forms to understand the information required and any specific guidelines.

    3. Fill in the required information, which typically includes the partnership name, principal place of business, partner details (such as names, addresses, and capital contributions), and the partnership's purpose.

    4. Attach any additional documents or supporting materials as specified in the instructions, such as a partnership agreement or certificates of formation.

    5. Review the completed forms for accuracy and completeness.

    6. Submit the filled-out forms along with any required fees to the Guam Department of Revenue and Taxation either in person or by mail, as instructed.