A St. Louis business lawyer can assist business owners in the formation of a partnership. It’s important to understand what a partnership means and how it can benefit your business.
Forming a Business Partnership
The term partnership can have several meanings. Generally, if you have two or more individuals conducting business together, you have a partnership. State law governs formal legal requirements for partnership formation, but they tend to be somewhat flexible. In essence, it’s up to the partners to come to an agreement about how they want to operate. Let an attorney discuss risks and benefits of doing business as a partnership. The key to a successful partnership is cooperation among the business owners.
A St. Louis Business Lawyer Can Explain Laws That Apply to Partnerships
Generally speaking, partners share in the profits, losses and other liabilities incurred by the partnership. An attorney can help the partners prepare a written agreement or contract that governs things like day-to-day operations, how to handle potential conflicts, what to do if one partner dies or if other things go wrong. If you wish to have greater protection of your personal assets, your attorney can discuss whether a partnership or corporation may better serve your needs.
At the Law Office of Christopher Bent, you can speak to a knowledgeable St. Louis business attorney who can review your business plan and help you decide how to proceed. Call 314-551-0898 to set up a consultation.