Partnerships come in two forms, general and limited. The IRS views a general partnership as a business run by two or more sole proprietors, each sharing the liability for the business. Partnerships are similar to sole proprietorships in that the owners are not protected from the business liabilities. A partnership can also have limited partners. Each limited partner is only responsible to the extent that he or she has contributed to the business. A limited partnership must have at least one general partner.

If you desire to limit liabillity further and reduce operating expenses you might consider the S Corporation or the LLC.  We can help you determine which entity is the best for your desired results.

Regardless of an organization's size or prominence, legal problems affecting financial status and reputation require practical solutions. Our lawyers view our clients' legal problems as business problems, and work creatively and quickly to solve them.

Set up an appointment for your free consultation today to learn more about our business litigation services by calling us at (904) 355-8888 or fill out our online Contact Form.