Alpharetta Business Partnerships Lawyer
Partnership Representation & Litigation - (770) 648-0744
Are you seeking an Alpharetta business lawyer who can assist you with the
legal process of forming a partnership? Are you involved in a complicated
dispute with your business parter? If so, contact The Law Offices of David
E. Oles, where we have
20 years of experience handling business law matters.
For legal help for a matter pertaining to a partnership, contact our firm today.
We'll review your case for free!
A partnership occurs when one or more individuals go into business together,
and they do not adopt corporate or limited liability company status. Conventional
partnerships avoid double taxation at the entity level, but they expose
the partners to nearly limitless liability for corporate obligations.
Because contributions and shares can be unequal, structuring partnership
relations can be tricky.
Common Documents and Features of Partnerships
Partnership Agreements – Generally a partnership agreement will establish relationship
between the partners including their initial and continuing contributions,
their ownership shares, their right to profits and distributions, the
manner in which decisions are made, and the manner in which partners may
enter and leave the business.
Contribution Agreements - Special conditions may apply to partners that contribute large or significant
assets to the company. Contribution agreements may set out the conditions
under which the contribution is made, its form, and any ownership acquired
for the contribution.
Limited partnerships are a special subset of partnerships, in which there
is a general partner with unlimited liability, and a limited partner that
may enjoy some measure of limited liability, while having less control
over the organization. Limited partners may be so-called “silent”
partners or more visible.
Limited Partnership Agreements - Limited partners' agreements will establish relationship between
the partners including the classes and powers of the relative partners,
their initial and continuing contributions, their ownership shares, their
right to profits and distributions, the manner in which decisions are
made, and the manner in which general and limited partners may enter and
leave the business.