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Partnerships

The United States does have any federal laws governing partnerships. All 50 states have developed their own set of laws, so there may be slight changes depending on where you business partnership is registered. The general principles are that you have three options: a general partnership, a limited partnership or a limited liability partnership (LLP). Each one has its pros and cons, with a large amount of focus on liability for each partner and for all the partners as a whole. The partnership agreement needs to specify the liability very clearly, along with allocation of decision making powers and share of the profits.

Do you have legal questions regarding partnerships and business law? Our business law attorneys can help. Contact a business lawyer in your area today to learn more about how you can receive legal representation regarding debt collection and your business.

Listed below are all such items that need to be mentioned in the partnership agreement:

Percentage of Ownership for Each Partner
Management Powers
Profit Sharing
Liability for Each Partner
Change of Ownership Issues

Partnerships benefit from what is known as pass-through taxation, where the business does not pay income tax. Instead, each partner pays taxes on his or her share of the income. But on the other hand, the partners in a general partnership have to bear all the losses and liabilities.

Limited partnership agreements provide some protection to some of the partners. They will be only held liable up to the limit of their contribution to the partnership. The LLP offers substantially more protection from liability to all partners.

Would you like to know more about the laws surrounding partnerships and businesses? Our business lawyers can help. Contact a business law attorney near you today for more information.

Did you know?
You might have to pay tax on your share of the partnership income even if you have not received any funds from the partnership.
Under IRS rules, partners have to pay tax on their share of what the IRS considers as the firm's distributive income, even if no such income has actually been passed on as yet to the partners.

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