When two or more people decide to start a business together, they can form what is called a partnership formation. There are several types of partnerships, including general partnerships, limited partnerships, and limited liability partnerships. Having a seasoned business attorney by your side during the formation will be the most important investment you can make.
The amount of money contributed, control over the business, and legal liability vary depending on which type of partnership formation takes place. When a partnership formation is done properly, it can protect you and your business from any disastrous future financial consequences. At Argos Legal Group, we’re committed in the best interests of all partners involved.
Many states require partners interested in formation to register the business with the secretary of state, and formalize their relationship in a partnership agreement. This is a contract that addresses the major aspects of the business, including how it will be run, how profits are split, and what to do in the case of dissolution.
Partnership formation agreements are extremely important when partnering up with other people in a business. This agreement legally allows you to structure your relationship with your partners in a way that suit the best interests of your business. At Argos Legal Group, our knowledgeable business attorneys help you better understand and tackle these very important considerations.
Formation is an important first step in the early stages of partnerships. This can not be done without a well-drafted partnership agreement, which is recommended to be done by an experienced business attorney. Though the internet provides numerous do-it-yourself kits and guides, this may cause serious problems down the road which can be avoided now.
When deciding to venture into the business world with other people, you should be very certain of how the decisions you make today could impact you in the future. With years of success in navigating entrepreneurs through partnership formation, Argos Legal Group is by your side. Take the first step with a consultation today!