NJ Lawyers | Middlesex County Business Law | Avenel
Avenel | 07001There are three types of partnerships that businesses can choose: general, limited or joint venture. In a general partnership, the partners equally divide management responsibilities, as well as profits. Joint ventures operate as general partnerships, but are specifically formed for a limited purpose or a single project. In a limited partnership, there are managing partners and limited liability partners (who are essentially passive partners who just invest money). The managing partners manage the business and assume all liability from the success or failure of the business, while the limited partners can only lose the money they invested. Contact the partnership law attorneys at Maverick & Peters, LLC to get expertise advice regarding your partnership law situation. They are ready to provide assistance to families throughout Avenel and New Jersey. Many people choose to create limited liability companies (LLC) instead of partnerships because LLCs protect personal assets from business creditors. New partners aren't responsible for old debts incurred by existing partners, but outgoing partners can still be liable for new debts if they don't give notice that they are leaving the partnership. There is an exception to personal liability in the case of limited partners, who have only invested money into the partnership. Limited partners must file a limited partnership certificate that includes the names of all general partners. Without such a document filed, even if the intent by all parties is to have general partners who run the business and limited partners who only invest money, the limited partners may still be personally sued by creditors. The fiduciary duty and duty of loyalty that all partners owe each other simply mean that a partner must act in the best interest of the partnership and can't act primarily to enrich himself. Partners must provide a proper financial accounting of their actions, and the partnership can sue individual partners for any financial wrongdoing. Whether there is a written agreement or not, it's fairly easy to leave a partnership, though you'll still be responsible for obligations that the partnership incurred while you were there. Terminating a partnership is more of a process than a single moment in time because there generally remains business that needs to be wound down (i.e., debts to be paid, obligations to be fulfilled). Limited liability partnerships do have a writing requirement. It's a document that states that a limited partner has invested money into the partnership and retains little or no control over the partnership's operations. In this way, limited partners will not be held liable for the partnership's debt obligations and the partnership won't be influenced too greatly by the limited partner. The partnership law attorneys at Maverick & Peters, LLC are ready to answer your questions and discuss your options. Residents of Avenel NJ can greatly benefit from their sound advice. Contact them today. Limited liability partnerships (LLP) retain the tax advantages of the general partnership form, but offer some personal liability protection to the participants. Individual partners in a limited liability partnership are not personally responsible for the wrongful acts of other partners, or for the debts or obligations of the business. The key factors are two or more people who are carrying on as co-owners and sharing profits. Even if you don't intend to be a partnership, if that's how you hold yourself out to the public, then your relationship will be deemed a partnership and all partners will be liable for the obligations of the partnership (see liability issues below). If you simply make a bad deal by signing a contract to pay a supplier an inflated price, the partnership will be forced to accept the deal. One of the potential drawbacks of a partnership is that the other partners are bound to contracts signed by each other on behalf of the partnership. Choosing partners you can trust, and who are savvy, is critical. The seasoned partnership law attorneys at Maverick & Peters, LLC are ready to step in to provide families & individuals with strong advice and aggressive representation to defend your rights in Avenel and throughout Middlesex County NJ. Partnership Law Attorneys serving South Plainfield, Avenel, Bound Brook, Clark, Colonia, Dunellen, Edison, Fanwood, Fords, Green Brook, Iselin, Metuchen, Middlesex, North Plainfield, Piscataway, Plainfield, Rahway, Scotch Plains, South Bound Brook, Warren, Woodbridge, and throughout Middlesex County.
Avenel | 07001
Joint Venture Attorneys in Avenel, NJ
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