Business owners looking to establish a partnership have a number of options available to them regarding what type of partnership they would like to form, with one of the most popular being a general partnership. As one of the more easy-to-form types of businesses, a general partnership is usually chosen by two or more people looking to work together and share in both the profits and losses of the company.
While general partnerships may not be as complicated as other types of businesses, there are still many details and complicated legal nuances that you will have to take into consideration when forming your business. As such, it is invaluable to have the help and guidance of an experienced and knowledgeable legal professional as you form your business. At Slater Pugh, Ltd. LLP, our team of Texas general partnership attorneys has helped many Texas professionals craft partnership agreements specifically tailored to their unique situations, and we are ready to do the same for you. Call us at to discuss your business needs and work on a detailed plan to make sure your partnership is compliant and set up for success.
Facets Of General Partnerships
There are a number of reasons why professionals choose to create general partnerships. When you are considering forming such a business, you should understand the following aspects and benefits a general partnership offers:
- Liability — every partner shares equal liability for the debts and losses of the partnership and the actions of the other partners
- Profits — any gains/profits that are made are shared among the partners equally
- Assets — property and other assets that are owned by the partnership are owned in equal parts by the partners
- Continuance — general partnerships do cease to exist once a partner leaves or dies; however, many partnerships provide for these circumstances by creating agreements in which the partnership or company can continue
At Slater Pugh, Ltd. LLP, we understand how important making the right professional decisions for your business is. As such, we strive to make sure you understand the many facets of forming a general partnership and how it will impact your company specifically and your professional goals.
Forming a general partnership requires a professional to consider many factors. With the assistance and knowledge that our team of Austin general partnership attorneys at Slater Pugh, Ltd. LLP, can provide, you can more easily understand the many nuances of a general partnership and how they will uniquely impact you. Contact us today to discuss the benefits of a general partnership, how to form one, and your situation in greater detail.