Single Name Partnership
SINGLE NAME PARTNERSHIP
A business arrangement whereby two or more individuals, the partners, unite their skill, capital,
and work in exchange for a proportional allocation of the profits and losses incurred but who engage in business under one name rather than the names of all the partners.
Although technically not a legal term, the phrase single name partnership describes the situation when a traditional partnership arrangement deviates from the custom of using the surnames of all its partners (except for silent partners) to conduct its activities. The partners select one name, whether it be the name of one partner, an acronym of their names, or a fictitious name. This assumed name must be set out under the provision for the name in the partnership agreement. A single name partnership is also known as an assumed or fictitious name partnership.
Almost all states require by statute that such a partnership file an assumed or fictitious name certificate with the secretary of state or other appropriate official. In addition to the assumed name, the certificate sets out the full names and addresses of the individuals doing business under that name. Some jurisdictions also mandate that a notice to file the certificate appear under the legal notice column in designated newspapers.
The registration requirement is designed to provide the public with information about the persons with whom they choose to do business or extend credit.
Failure to file an assumed or fictitious name partnership agreement might constitute a misdemeanor under state penal laws, resulting in a fine upon conviction.