The answer to this question will depend on the specific jurisdiction in which you are forming a business partnership. Generally speaking, most states have laws that govern how a business partnership is formed and governed. Depending on the state, these laws may include requirements around filing paperwork with the Secretary of State or other government entities, registering with the local tax authority, obtaining any necessary licenses, and entering into some form of written agreement between partners that governs their relationship. Additionally, there may be additional legal requirements based on your particular industry or if you operate as an LLC (limited liability company). It is also important to note that many states have adopted “uniform” statutes regarding partnerships and limited liability companies (LLCs), which provide more consistent standards across different jurisdictions.
Given this information it is recommended that you consult a qualified attorney who can provide advice tailored specifically to your individual circumstances and ensure compliance with applicable laws in your jurisdiction. Furthermore, it's important to make sure all parties involved have discussed their expectations for ownership percentages and profits prior to signing any agreements in order to avoid potential disputes down the road. Finally, depending upon your type of business structure it may be beneficial for each partner or member of your organization to enter into separate contracts/agreements setting out rights & responsibilities related to intellectual property etc., should one member decide not continue involvement in the firm further down the line
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