One of the ways to run a Business is as a Partnership. A Partnership is where two or more people come together and contribute Capital towards starting a Business and share the Profits or Losses from the Business. This is what you need to start a Partnership;
1. Choose a Business Partner and determine the kind of Business you want to get into. Whether it’s digital marketing, real estate or poultry farming, any business can be started as a Partnership.
2. Determine the name of the Business and it’s Location. Secure the Business Name by doing a search on the BRS platform to ensure the name is not already taken.
3. Determine how much money each Partner will put into the Business.
4. Have a Lawyer prepare a Partnership Deed for you. The Partnership Deed will detail the Duties of the Partners, the Ratio of Sharing Profits/Losses, the Duration of the Partnership, the Management of the Partnership, how Partnership Disputes will be resolved and how the Partnership can be dissolved amongst other details that are unique to your Partnership.
5. Depending on the type of Partnership you want to form you should then Lodge the Relevant Documents on the BRS platform through E-Citizen.
6. If it’s a Limited Liability Partnership, the cost will be 25,000 shillings. However, you may have to incur extra costs or fulfill other requirements set by the Industry Regulator. For example an Accounting Firm may have to fulfill more requirements set by ICPAK, while a Law Firm will have to fulfill requirements set by LSK.
6. Start running your Partnership!
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