Experienced Houston Attorneys Guiding Business Partnerships
Are you considering starting a business partnership? For many entrepreneurs, this method of business organization is a good fit for their needs and ambitions, but partnerships are legally complex entities. That's why it's so important to have experienced legal counsel from the beginning to give your venture a strong foundation to succeed.
Whether you are considering starting a new business partnership, adding a partner to an existing business or need help with any other legal matters surrounding a partnership, the business law attorneys at our law firm can help. Brewer & Pritchard, P.C. has over 25 years' experience helping business owners in Houston and statewide.
Types of partnerships
The term "partnership" can refer to two related but distinct types of business structures.
In a general partnership, two or more partners manage the company's operations. All of the partners share responsibility for debts, liabilities and other obligations of the partnership. This is the easiest type of partnership to form when two or more partners want to be actively involved.
In a limited partnership, there are two types of partners: general and limited partners. The general partners are owners and operators of the company, and they share liability for the partnership. The limited partners are only investors; they have no control over the operations of the company, but they also are not subject to liability like the general partners. Limited partnerships are more complex than general partnerships, but they can be effective for companies that expect to have many passive investors.
How a Houston business lawyer can help you form a partnership
There are many legal issues that can emerge when organizing a partnership. Some of the matters we can help you address include:
- Defining each partner's role and responsibilities
- Determining each partner's contribution of time, money and assets
- Voting procedures and requirements
- Rights to profit, compensation and losses
- Buy-sell provisions and exit strategies
- Expulsion provisions
- Noncompete provisions
Depending on the nature of your business and the needs of each partner, other provisions may also need to be established in the partnership agreement, such as arbitration clauses and provisions regarding contract disputes. We can review your partnership documents and help you create an agreement that addresses all your legal needs.
Don't go into a business partnership without strong legal representation. Discover what our Houston business attorneys can do for you. Contact Brewer & Pritchard online or call (800) 445-8710.