Partnership Formation Basics
At The Vasilco Law Group, P.C. we form partnerships the right way, by limiting their liability through proper state filings and drafting detailed partnership agreements covering nearly every aspect of the partnership's operational arrangements. The reason we do this is simple: partnerships can arise verbally, even by accident, and the relations among partners are a source of immense litigation as a result. Partnerships formed verbally are not only unlimited in liability, since each partner is personally liable for every other partners' mistakes, but they also have no specificity or clarity regarding the dozens of issues partners care about. Who gets what share of profits? What property is partnership property? What monies are lent to the partnership by the partners as opposed to invested as non-refundable capital? What happens to the ownership percentages when a partner invests more money? All of these questions go unanswered in a verbal partnership, causing heartache and lawsuit. Call us before entering into any kind of partnership. You 'll be glad you did.
We will draft up the documents and perform the filings which clarify your role as partner and limit your liability. Speak with an attorney about your partnership needs today.