Sometimes, collaboration and partnership are vital for a business to exist, much less be successful. By relying on others, tasks can be delegated, productivity can be increased and a truly successful business can blossom from the labors of hard-working people engaged in a common goal.
Having facilitated many of them, Dan Burke Law understands how vital these partnerships are for a Texas small business to thrive. Anytime money and livelihoods are involved, it’s incredibly important to have the parameters of any business relationship or partnership clearly defined in legal terms so that there is a clear point of reference should there ever be any issues or disagreements.
If you’re looking for the best in San Antonio business law, then look no further than Dan Burke. Having served small businesses in the community for nearly 20 years, you’ll be hard-pressed to find a business lawyer more qualified to help you facilitate business partnerships that will help ensure years of success.
3 Most Common Types Of Business Partnerships
Generally, the terms of a business partnership are fairly simple and fall under 3 categories. These most common types of business partnerships are:
General Partnership (GP)
A general partnership is a legal definition that covers any time two or more partners begin a business. These types of partnerships require no state oversight and are essentially created by assumption when two parties enter the business. General partnerships are risky because they create zero separation between personal assets and the business, and there are no established practices in the case of unforeseen circumstances.
Limited Partnership (LP)
Limited partnerships are a form of official partnership that requires filing with the state. A limited partnership creates two “classes” of partners. “General partners” will have an unlimited liability of assets along with managerial control.
“Limited partners” possess limited liability. This means that a limited partner’s personal assets are clearly separated from the business and are limited to the amount of their initial investment in the project. In a limited partnership, the limited partners are essentially silent investors and the limited partnership establishes their place in a professional relationship using official and legal terms.
Limited Liability Partnership (LLP)
A limited liability partnership is another form of state-filed partnership where there is no “general partner” and thus all parties assume limited liability. These types of partnerships are generally used for professional services, such as dentists and architects.
They are useful because they shield the partners from having to use their personal assets for business debts and liabilities, in effect, creating a legal barrier between a business that provides a service and the employees they hire to perform that service.
Whatever sort of partnership you need to establish, Dan Burke Law has the experience and expertise to help you determine and establish the best legal partnership for your situation.
Choose Dan Burke For All Of Your Small Business Legal Needs!
Whether it’s establishing an LLP or drafting new employment contracts, we’re confident that Dan Burke Law will be the last small business attorney that you’ll ever need. With nearly two decades of experience and a reputation that speaks for itself, Dan Burke has a proven track record of helping small businesses expertly navigate the law to set sail towards a path of success.