Our Services >> Business Law >> Starting a Business >> Partnerships and Partnership Agreements

Partnerships and Partnership Agreements

A partnership is very similar to a sole proprietorship except that it involves two or more people. If you operate a partnership, business decisions are made amongst the partners collectively. Like a sole proprietor, the partners are personally liable for the partnership’s business obligations and that liability is joint and several with the other partners. Also, the partnership does not enjoy the tax advantages that are available to corporations.

There are several different kinds of partnerships including a general partnership and limited partnership. Most partnerships are created and governed by a partnership agreement (which can be written or oral) and they are subject to certain statutory registration requirements.

As a partnership ourselves, we at GMA are well-versed in the legal intricacies associated with a partnership, and we can help you. We draft partnership agreements, complete partnership registrations, advise partnerships in ongoing governance issues and do partnership-related litigation. Contact us if you would like more information.