Form a Partnership in Delaware
Everything you need to know about forming a Partnership in Delaware. Filing fees, requirements, timeline, and step-by-step guidance.
How to File
Choose Partnership Type
Decide between general partnership (GP) or limited partnership (LP). General partnerships require no state filing.
1 hour
Select Partnership Name
Choose a unique name and check availability through Delaware Division of Corporations. LPs must include 'Limited Partnership' or 'LP'.
30 minutes
Draft Partnership Agreement
Create a comprehensive partnership agreement outlining roles, profit sharing, and management structure. This is critical for all partnerships.
2-4 hours
File Certificate (LP Only)
Limited partnerships must file Certificate of Limited Partnership with Delaware Division of Corporations and pay $200 fee.
45 minutes
What's Next After Filing
Once your Partnership is officially formed, you'll want to complete these important steps:
- •Obtain EIN — Apply for Federal Employer Identification Number from the IRS for tax purposes and business banking.
- •Open Business Bank Account — Establish business banking using partnership agreement and EIN. Maintain separation between personal and business finances.
- •Obtain Business Licenses — Apply for any required local business licenses and permits specific to your industry and location.
Advantages
- ✓Pass-through taxation with no entity-level taxes
- ✓Simple formation process, especially for general partnerships
- ✓Flexible management structure and profit distribution
- ✓Delaware's business-friendly legal environment and court system
Considerations
- •Unlimited personal liability for general partners
- •Joint and several liability among partners
- •Potential for disputes without clear partnership agreement
Annual Obligations
What OpenChamber Does
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