Question

A limited partnership account is being opened at your firm. The general partner has provided the partnership tax identification number and has signed the appropriate paperwork. What other documentation is needed to open the account?

Answer 1

Answer: Partnership Agreement, State Certification, Business name registration, Business bank account name opening.

Explanation:

A limited partnership is a business between two partners; one being the general partner who is accountable for all activities in the business and the other being the Limited Partner who is basically there for the money he invested in the business.

In addition to the tax identification, the Partnership agreement must be drafted so as to clearly describe the structure of the business as well as the role and rights of all partners involved.

The State Certificates which contain details of the business name, and its address as well as the names and addresses of the involved partners and agents is also required. The state would charge a fee to have this certificate registered.

Business Bank Account Name would be needed and it would be recognized as the official account where monies could be paid. An Employer Identification Number is also required if there are employees to be paid.

Business Name Registration - This registration is required when a name which is not the last name of the partners is chosen for the business.