Checklist for Partnership

Below is a checklist of actions that should be considered for the 2000 organization and operations of your partnership.

q   Determine partnership name

q   Record Partners names, ID#'s, record of ownership

q   Set up partnership agreements

q   Set up buy/sell - change in partnership interest agreements

q   Do assumed (fictitious) business name registration

q   Apply for required operating permits, licenses, bonds, etc.

q   Register for Federal SS-4 Tax ID#

q   Register for State Income Tax ID#

q   Register for State Sales Tax ID#

q   Register for State Unemployment, Withholding Tax ID#

q   Establish appropriate accounting methods (tax year, cash vs. accrual, etc.)

q   Set up acceptable bookkeeping system

q   Establish appropriate travel and entertainment procedures and record keeping reports

q   Set up bank / checking accounts

q   Contact insurance company regarding various coverages needed (business liability, key person insurance, medical, buy/sell, errors and omissions, workers comp)

q   If Employees will be hired: Consider a personnel manual

q   If Employees will be hired: Have W-4's, I-9 forms, state employee registration forms ready

q   If Subcontractors will be used: Consider subcontractor agreement

q   If Subcontractors will be used: Have W-9 forms ready

q   Establish association with loan officer

q   Establish association with attorney

q   Set up tax filing calendar of due dates

q   Plan for estimated tax payment filings for partners

q   Consider a business pension plan

q   Consider any necessary tradename registration

Notes: