Partnerships

Attorney advice is critical in the formation stage of a partnership. There are a multitude of legal options and disputes are likely to take place. The two most common partnerships are general and limited partnerships.

A general partnership typically is made up of two or more people, each of which are equally personally responsible for the liabilities of the company. Each partner is responsible for the business decisions of the other partner(s). All partners can act on behalf of the partnership.

A limited partnership has one or more general partners. Although each partner has equal and full liability, they have limited liabilities. The partners do not control the partnership operations. Taxes pass through this type of partnership. The profits of a limited partnership are only subject to taxation once.

There are many problems that could come up when forming a partnership. It is advisable to seek out a North Dakota/Minnesota business partnership attorney. A skilled business law attorney can help to set up the partnership operations and guidelines of the relationships of the partners. There are many factors to consider such as control of partnership finances, trade secret protection, respected roles of each partner, an the possibility of adding new partners in the future.

A partnership attorney should handle disputes between partners. Any dispute involving breach of partnership agreements, embezzlement, misuse of trade secrets, and any other partnership dispute should be resolved in a professional manner. Any situation in which the partnership needs to dissolve should also be taken care of with the help of a business partnership lawyer

Do not leave your partnership up to a document you found on the Internet. Only an experienced business partnership lawyer, like the ones at O’Keeffe O’Brien Lyson Foss Attorneys, can effectively protect the rights of each partner. Call O’Keeffe O’Brien Lyson Foss Attorneys to arrange an appointment with a skilled business law attorney to negotiate and draft your partnership agreement, solve your partnership dispute, or dissolve your partnership.

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