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What You Need to Know When Starting a Business with Multiple Partners

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When you have a business that involves partners, there are aspects you need to be aware of. A partnership is considered a single business that is owned by two or more people. Partners provide money, labor, skill, and property within the business and then see a share of profit and losses in return. A partnership type business will require the business to register with the Internal Revenue Service along with local and state agencies. This is done via a partnership tax ID number or Employer Identification Number. With the help of Gov Doc Filing, a tax ID number can be filed for and the business will then have the identification needed for government purposes as well as its tax requirements.

Filing for a Partnership ID

To file for a partnership ID, a business involving multiple partners will need to fill out an LLC tax form. This form can be found at Gov Doc Filing after choosing the LLC section of the site. When you begin filing paperwork for a tax ID, you will need to choose the type of business you are filing for, including LLC, partnership, etc.

The EIN number your business is issued will have nine digits and will be used to recognize your business as a partnership entity. Your business will only need one EIN number as long as only one business is owned by the partners.

To obtain an EIN number, you will need to provide your complete business address, the name of the owner or principal officer, the number of members for an LLC, the date the business was acquired or started, the type of business and operations, number of estimated annual employees and contact info.

Complete this process and you will have the EIN number needed for business designation as well as tax purposes.

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