Partnership Establishment

A partnership is considered the simplest form of company business structure. Its nature tends to be more economical - it doesn't require a lot of resources to create a partnership establishment. There are two types of partnership: a general partnership and a limited liability partnership. This article however, focuses on general partnership, since it's the more common and basic structure of businesses nowadays.

All partners manage their business operations and its assets, and are personally liable to all their business debts. This is called joint liability. However, partnership agreements may specifically state the kind of liability undertaking that each partner may take. By virtue of the concept, a partner must have at least another general partner to share the partnership liability.

Partners may also exercise joint authority, in which any individual partner may undergo a contractual agreement with another party, consequently binding the whole business partnership with the contract. Taxation too, is different than a corporation, because a partnership is not treated as a separate tax entity, but rather treated as a "pass-through entity", in which every partner will report their income individually and will file their tax returns personally.

Although there's lesser paperwork required and less process to create a partnership establishment, it would be very wise to create a partnership agreement so that your business would be equipped with resolving conflicts and misunderstandings between partners should they arise. Also, each state has it own rules and regulations governing partnership establishment.

Talking to a partnership establishment lawyer may help you design a partnership agreement that will fit to your unique business situation. Our business lawyers from the law office of Mesriani & Associates have been helping creation of good and profitable partnerships for the past 30 years and is still a top choice for may enterprising people in Los Angeles and the whole State of California.

Call us today for a free initial consultation.

Mesriani Law Group is a full service law firm which specializes in all facets of Personal Injury Law Litigation, including Wrongful Death Claims, Car Accidents, Slip and Fall and Premises Liability Claims, Employment / Labor Law, Disability Law and Supplemental Security Income (SSI) claims, and Business Law. Each of the attorneys at the Mesriani Law Group has been acknowledged as one of the very best in their field. Whether your case deals with Personal Injury Law, Employment Law, Social Security representation or Corporate/Business law, you can be assured that your case will be handled by an expert who specializes in that form of litigation. It is this diversity that makes us unique. We are not a firm with one specialty, but several. But it is not the accomplishments of its attorneys or its stellar business plan that makes Mesriani Law Group the best law firm in Los Angeles. It is the people working at Mesriani Law Group that truly drive our success. Every employee at Mesriani Law Group is dedicated to delivering the best service possible. Not only that, but Mesriani Law Group prides itself on giving the same level of attention to each and every client, be it a small personal injury matter or a multi-million dollar litigation. Mesriani Law Group is dedicated to giving its clients the very best representation and remains committed to having only the very best attorneys handling their cases.

Copyright © 2004-2009 Mesriani Law Group.
12400 Wilshire Blvd., Suite 810 Los Angeles, CA 90025 Call Us Toll Free: 1.866.325.4529