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Partnerships
One of the most common forms of doing business is the partnership, which is essentially a contract between two or more parties to engage in an enterprise and share profits. Most states have laws that govern partnerships. These laws are based on the Uniform Partnership Act, the Uniform Limited Partnership Act and revised versions of each. There are three types of partnerships: general partnerships, limited partnerships and limited liability partnerships. The management structure and liability of partners differ in each. In all cases, the differences should be examined to insure that the form of partnership being used is appropriate and attains the partners' objectives.
While a partnership can be based on an oral agreement, a written partnership agreement can reduce the risk of disputes that often arise when there is no written agreement. If you need assistance organizing a partnership, or preparing, reviewing, or interpreting a partnership agreement, or if you need assistance because you are involved in a partnership dispute, please fill out our Free Case Evaluation Form.
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