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 Oles Law Group, where we have 20 years of experience handling business law matters.
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 - 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.