Dissolving a Partnership
If you are operating in a partnership, then you have a right to dissolve it under the Uniform Partnership Act, which has been adopted in or influenced by the partnership law of almost every state.
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Each Partner’s Legal Responsibilities in a Partnership
When groups of individuals join together in business partnerships, each member of the partnership becomes bound by basic legal duties. A business partner’s legal responsibilities to the other members of the partnership can also depend on the type of partnership in question. Limited Liability Partnerships (LLP) and Limited Partnerships (LP) offer different legal responsibilities to individual partners then general business partnerships do.
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Setting up a business partnership is generally a straightforward process. Two types of business partnership exist: the general partnership and the limited liability partnership. Both types of partnership are relatively easy to set up and follow many of the same basic steps, but creating a limited liability partnership often demands more attention to organizational details.
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When setting up either a general partnership or a limited liability partnership, drafting a partnership agreement is a must. While it is legally possible to create a business partnership without a partnership agreement, doing so is risky and can lead to problems between partners down the road. A well-drafted partnership agreement should address in detail all elements of the business, including the features of the business relationship between the partners. While a range of partnership agreement templates can be found online by a quick search, a business attorney can also be a useful resource in helping to draft this agreement.
→ Read MoreYour Personal Liability in a Partnership
Your personal liability in a business partnership, as well as your partnership liability, can vary. Partnership liability can depend on the type of partnership you enter into, as well as your position in the partnership. These include Limited Partnerships (LP), Limited Liability Partnerships (LLP), and general partnerships. Each one of these partnerships can provide business owners with a different level of liability protection.
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