A partnership is a enterprise with more than one owner that has not filed papers with the state to turn into an organization or LLC (restricted legal responsibility company). There are two basic varieties of partnerships – basic partnerships and restricted partnerships. The general partnership is the best and least costly co-owned enterprise construction to create and maintain. However, there are a number of vital info you need to know concerning the personal liability of common companions.
All your personal property are potentially in danger. This is why some attorneys, such as Cliff Ennico, nationally syndicated small enterprise columnist and author of Small Business Survival Guide (Adams Media 2005), recommend that you’re better off incorporating your enterprise or forming a restricted legal responsibility firm (LLC) fairly than structuring it as a partnership. Incorporating might help defend private property if your corporation is sued, or if your enterprise partner is sued.… Read more