If you intend to form a partnership in order to conduct business then it’s wise to at least consult with a business law attorney first. There are many potential advantages to forming a partnership, including the combining of talent and the divided risk, but there are also risks. Depending on your particular partnership, risks could include being legally responsible for any mistakes or other actions your partner takes.

Due to the combination of advantages and risks, along with the many decisions that must be made, it’s best to have an attorney advise you before moving forward. At Law Offices of Torrence L. Howell, we’ve been providing business law services for many years. Read on to learn more about what we can do when you form a business partnership and then call us at (909) 920-0908 to make an appointment.

We’ll help you determine if partnership is the right way forward

When an individual wants to go into business with one or more people, a partnership is an option. However, it’s only one option. There are other choices, such as incorporation, that may work better for your specific situation. When you reach out to us at Law Offices of Torrence L. Howell, we’ll go over your needs and offer our legal advice about the available options and which structure may be best for you.

There’s more than one type of partnership

Once you decide that a partnership is the right way forward, you’ll then have to choose between a general partnership or a limited partnership. If you choose a limited partnership, then your personal assets will be protected. Additionally, your loss would be restricted to what you invested – assuming you actually act as a limited partnership. On the other hand, a general partnership can lead to personal bankruptcy. Judgements or claims against the general partnership could put your personal wealth at risk.

We can help you with paperwork and contracts

When you’ve made a choice about the type of partnership, you’ll then need to follow the legal requirements set forth by the state of California. As one example, keep the California Franchise Tax Board in mind – they require that each partnership that either earns income in or does business in California files a Form 565. Another example is the annual tax that limited partnerships pay to the state.

These are just two examples of forms. Other documents you’ll need to provide will vary based on the type of business and other factors. At Law Offices of Torrence L. Howell, we can help with every step, from contract creation to ensuring you’re properly registered with the state.

Call us today to make an appointment with an experienced attorney

Are you ready to learn more about the specific ways in which we can help you? Call Law Offices of Torrence L. Howell at (909) 920-0908 today. We are here to start with a free case evaluation during which we can outline the basic options available to you and help you choose the right way forward. Never go into any business agreement without an attorney’s opinion – including a business partnership.