North Las Vegas Business Law Attorneys
A partnership is a legal type of business operation between two or more individuals who share profit and/or management. Many forms of partnerships are found in the business world, including general and limited partners. General partners take part in the daily operations and is personally responsible for the liabilities of the partnership. A limited partner has a share of the ownership but does not take part in managing the partnership. If you’re considering entering into a partnership, consulting with a Las Vegas business law attorney to discuss your available options is the first action you should take.
In most partnerships, one of the partners is liable for the debts of the partnership and there is some asset protection. In the worst case scenarios, personal assets of one or both of the partners may be used to satisfy partnership debts. The amount of contribution to the business made by the partners is usually determined by the percentage of their ownership. However, the partner’s ownership percentage does not determine the individual partner’s liability.
Consider the following statements before entering into a business with another:
- There are no state filing requirements.
- This is an easy to form and operating business type, as well as a sole proprietorship.
- You and all other owners must report shares of loss and profit on personal income tax returns.
- You and your partners will remain liable for any lawsuits filed against your business.
Some of these partnerships can be a great asset to your business, however, some partnerships need to be resolved and can be a problem to dissolve, having a trusted and experienced North Las Vegas Business Law Attorneys to help with such matters by your side is a true asset. Dobberstein Law Group has years of experience with such cases and can be helpful in determining what is best for you and your business.
Contact the office today to schedule your case consultation.