Maryland Partnership Agreements Attorney
A partnership might be the easiest business structure to form, but it also tends to present the most legal challenges. The only legal requirement for a partnership is a sharing of profits, which creates a rather unique business relationship. Besides choosing your partners wisely, you should also enter into a written agreement to solidify your union. Our Baltimore partnership agreement attorneys at DRA e-Law can provide you with all the necessary support and legal expertise to properly form your partnership.
Why Partnership Agreement
There are three basic types of partnerships. In a general partnership, both management responsibilities and profits are equally divided. Joint venture is a type of a general partnership that is formed for a limited time or on a project basis. In a limited partnership, there are managing partners who run the business and limited liability partners who invest but are not liable for the success or failure of the business.
A written agreement, although not required, is recommended for any type of partnership. Our Maryland partnership agreement lawyers can help you put one together to avoid potential disputes over the dissolution of a partnership, breach of duty, negligent management and other related business issues. Among other things, a partnership agreement will define:
- The rules for profit sharing
- Liabilities to creditors
- Responsibilities to other partners
- Tax obligations
- Terms of dissolution
Call us or contact online to get legal assistance with partnership agreements.