| Option | Typical Cost |
|---|---|
| Simple / straightforward | $400–$500 |
| Standard complexity | $666–$1,083 |
| Complex / contested | $934–$1,517 |
| High-stakes litigation | $1,500+ |
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| Expense | Cost |
|---|---|
| Partnership agreement (template) | $0–$100 |
| Partnership agreement (attorney) | $500–$3,000 |
| State registration | $50–$200 |
| EIN (free from IRS) | $0 |
| Business license | $50–$500 |
| Partnership tax return (Form 1065) | $500–$1,500/year |
The partnership agreement is the most important document — never skip it, even with family or close friends. It should cover: profit/loss split, capital contributions, decision-making authority, what happens if a partner wants to leave, how disputes are resolved, and buyout terms. A $1,000–$2,000 attorney-drafted agreement prevents $50,000–$500,000 disputes later. Consider forming an LLC instead of a general partnership — LLCs provide personal liability protection that general partnerships don't, at a minimal additional cost ($100–$500 in filing fees). Online reviews and personal referrals from friends or family remain the most reliable way to find quality providers at fair prices.
Partnership costs are driven primarily by complexity and whether the matter is contested. Simple, uncontested matters with clear documentation can often be handled at flat-fee rates. Once disputes arise, costs shift to hourly billing and become much harder to predict.
Geography matters more than most people realize. Attorney rates in New York or San Francisco can be 2–3 times higher than in smaller markets for the same type of work. If your matter does not require a local attorney, hiring outside a major metro can save substantially without sacrificing quality.