Internal Revenue Service application for a Federal Employer Identification Number. Form SS-4 can be obtained at the Department of Finance. One-page Annual Corporate Report to be filed with the Registrar of Corporations at the end of every fiscal year. Quarterly Commonwealth Business Gross Revenue Tax return. In a general partnership, the partners have unlimited liability.
General partners are jointly and severally liable for obligations of the partnership.
Partners are taxed on a share of partnership income whether or not distributed. Corporate taxes do not apply. Since there are no partnership laws in the Commonwealth, it is important that all aspects of the partnership be set forth in a written agreement between the partners. Although it is not required, a partnership may complete a Partnership Registration Form and file it with the Registrar of Corporations. The Partnership Registration Form should be signed by all partners and acknowledged by a notary public.