In Georgia,a limited liability partnership has fewer rules and restrictions than it would in many other states. Limited partners in the LLP participate in the business and share the profits without personal liability for the LLP’s financial obligations, unlike general partners. In addition, rather than being taxed as a whole, the limited partners are taxed only on the share of the profits they receive from the business.
Once the business objectives have been decided and the partners have been named, the process of forming an LLP in Georgia becomes relatively straightforward.
Draw up a certificate of limited partnership. The certificate must be printed on a sheet of white 8.5 x 11-inch paper. Place the exact name of the limited partnership at the top of the page.
Print the street address (no P.O. boxes) and the county of the registered office, as well as the full name of the registered agent at that office. The registered agent is the person or corporation designated by the limited partnership to accept legal notices on its behalf.
Print the full name and address of each general partner, followed by their original signatures. Each general partner must sign and date the certificate; photocopies or stamped signatures are not allowed.
Print out a Data Transmittal Form 246 from the Georgia Secretary of State website and fill in the required information, including the name of the LLP, the principal agent’s name, and the office mailing address. Include an email address for return confirmation.
Mail the completed form, the original certificate of limited partnership and one copy, along with the $100 filing fee (as of 2011), to the address listed on the form. Make the check or money order payable to “Secretary of State”.
Apply for an Employee Identification Number through the IRS for your LLP after receiving the Certificate of Formation from the Georgia Secretary of State. The certificate typically arrives within 12 to 14 business days.
Contact the Georgia Department of Revenue to ensure compliance with any applicable state tax laws before doing business with your newly formed LLP. In addition, contact the Georgia Department of Labor to ensure compliance with any unemployment tax laws and worker’s compensation insurance laws.
Consider reserving your name before organizing your partnership. While not required, reserving your name ahead of time may ease the partnership formation process by ensuring the name you want to use is available. Reserve your name by visiting the Secretary of State website, printing the form and mailing it in along with the required fee.
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