How To Make Partnerships Work For Your Venture

Are you interested in "going into partnership" with another individual? What does that mean and how is it done, from a legal perspective?

Partnerships can be attractive because they have no paperwork requirements. Unlike other business forms, however, partnerships do not protect partners from liability.

Partnership agreements can define matters that are important to the partners, including financial goals, business responsibilities and even work ethic. Partnership agreements define who is a partner, plus all potential legal obligations. The agreements help prevent disputes. Well-drafted partnership agreements can prevent costly litigation in the future.

In limited partnerships, at least one owner is a general partner and at least one owner is a limited partner. The general partner runs the day-to-day operations of the business, while the limited partner typically is an investor.

Partnerships Must Comply With Tax Law

Partnerships can become very complicated. If you want to set up a partnership, it is important to make sure your agreements achieve your objectives and comply with tax requirements.

Attorney Craig Lerman of Lerman Law Associates, P.C., can assist with any business formation or limited partnership issue, including:

  • How owners interact
  • Terms of buy-sell agreements
  • Terms of the partnership agreements
  • Articles of incorporation
  • Evaluation of the effectiveness of noncompete/nondisclosure agreements

Mr. Lerman understands law and business — he has a master's degree in business administration. His comprehensive understanding of the legal and business operational aspects of these agreements can be invaluable. No matter what your business objectives are, attorney Lerman can help you address your business's specific needs.

He will do everything possible to ensure long-term business health and operational well-being.

Contact Lerman Law Associates, P.C.

Attorney Craig Lerman prides himself on building long-term relationships with clients. After assisting you with partnership agreements, he can help you resolve your ongoing legal needs. For a free initial consultation, contact the firm online or call 678-888-5773 or 866-717-0393.