Arkansas General Partnership for Business
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FAQ
In general, an LLC offers better liability protection and more tax flexibility than a partnership. But the type of business you're in, the management structure, and your state's laws may tip the scales toward partnership.
To form a limited liability partnership (often used by professionals), you must file a Statement of Qualification with the Arkansas SOS. LLCs: To create an LLC in Arkansas, you must file Articles of Organization with the Arkansas SOS. You will also need to appoint a registered agent in Arkansas for service of process.
Example of a General Partnership For example, let's say that Fred and Melissa decide to open a baking store. The store is named F&M Bakery. By opening a store together, Fred and Melissa are both general partners in the business, F&M Bakery.
General Partnerships: There is no formal filing requirement to create a general partnership. The partners simply choose to do business together and that's it. However, many partnerships create a partnership agreement that outlines the roles and responsibilities of the partners.
Partnerships must file Form SS-4 with the Internal Revenue Service. Form SS-4 is used to get an employer identification number, also known as a federal tax ID number, from the IRS. The IRS allows a partnership to file Form SS-4 online using the IRS website, by telephone, by fax or by mail.
A general partnership is a business entity made of two or more partners who agree to establish and run a business.
To have a general partnership, two conditions must be true:The company must have two or more owners.All partners must agree to have unlimited personal responsibility for any debts or legal liabilities the partnership might incur.
Aside from formation requirements, the main difference between a partnership and an LLC is that partners are personally liable for any business debts of the partnership -- meaning that creditors of the partnership can go after the partners' personal assets -- while members (owners) of an LLC are not personally liable
For example, let's say that Dottie and Dave decide to open a clothing store. They decide to name the store D.D.'s Duds. Dottie and Dave don't need to do anything special in order to form a general partnership. Once Dottie and Dave agree to form the business, it's automatically considered to be a general partnership.
Partnerships are unique business relationships that don't require a written agreement. However, it's always a good idea to have such a document.
