Form a Partnership in New York
Everything you need to know about forming a Partnership in New York. Filing fees, requirements, timeline, and step-by-step guidance.
How to File
Choose Partnership Name
Select a name that doesn't conflict with existing businesses and complies with New York naming requirements. The name cannot include 'corporation,' 'incorporated,' or 'LLC.'
1 hour
Draft Partnership Agreement
Create a comprehensive partnership agreement outlining profit sharing, management responsibilities, and partnership terms. While not legally required, it's essential for protection.
4-8 hours
Obtain Federal EIN
Apply for an Employer Identification Number from the IRS for tax purposes and to open business bank accounts.
30 minutes
Register for State Taxes
Register with New York State Department of Taxation and Finance for sales tax and employer taxes if applicable.
45 minutes
What's Next After Filing
Once your Partnership is officially formed, you'll want to complete these important steps:
- •Obtain Business Licenses — Apply for any required business licenses or permits specific to your industry and location within New York.
- •Open Business Bank Account — Establish business banking accounts using your EIN and partnership agreement to maintain separation from personal finances.
Advantages
- ✓No state filing fees or annual reports required
- ✓Pass-through taxation avoids double taxation
- ✓Flexible management structure and profit sharing
- ✓Simple formation process with minimal paperwork
Considerations
- •Unlimited personal liability for all partners
- •Partners are jointly liable for business debts and obligations
- •Potential for disputes without clear partnership agreement
Annual Obligations
What OpenChamber Does
We don't file paperwork for you — we guide you through doing it yourself, which saves money and helps you understand your business from day one.
Personalized Checklist
Every task you need, organized by priority and tailored to New York.
Vetted Professionals
When you need help, we connect you with professionals we trust.
Progress Tracking
Never lose track of where you are or what's next.
Track Your Progress
Get a personalized checklist for forming your Partnership in New York — and everything that comes after.
Get Your Free Checklist