San Jose Business Lawyers Blog
A partnership involves two or more people agreeing to do business together for profit, even when you do not intend or there is no written agreement to form the partnership. Legal partnerships must comply with registration, filing, and tax requirements applicable to any business, and a Texas partnership attorney can assist people throughout the state who are considering forming partnerships.
You need to decide which kind of partnership you want to create, as there are several different kinds. General partnerships are the most common kind of partnership, and partners are entirely personally liable for all partnership debts; limited partnerships (LPs) allow for both limited and general partners, and the limited partners will not be liable for business debts beyond their own investments in the business although general partners will remain fully liable for an LP’s debts; limited liability partnerships (LLPs) afford protection to partners from business liabilities they had no hand in creating themselves; and limited liability limited partnerships (LLLPs) allow limited partners to have liability for business debts capped at the total amount of their investments.