Partnership Formation

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1319 Crampton Street
Dallas, Texas 75207-6011

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Partnership Formation: Joining Together to Conduct Business

A partnership is created when two or more persons or entities associate to carry on a business for profit. A partnership generally operates in accordance with a partnership agreement. While Texas does not require the agreement to be in writing, we believe every partnership should have a written legal framework to govern the relationship between the partners.

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The Importance of the Partnership Agreement

Regardless of the structure chosen, we believe you need a clear partnership agreement. Online forms cannot capture the nuances of a shared venture. We custom-draft your partnership agreement to secure your specific interests. Our comprehensive partnership formation addresses crucial operational and conflict points, including:

 

  1. Financial Contributions & Distributions
  2. Management and Authority
  3. Dispute Resolution
  4. Buy-Sell Provisions

We help you protect the viability of the business and the relationship between the partners by establishing clear rules at the outset. Contact us today to formalize your partnership with confidence!

Peace of Mind for Your Business Decisions

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Frequently Asked Questions

In a GP, each partner is generally personally liable for the partnership’s debts and for the actions/negligence of the other partners.
An LLP protects partners from personal liability arising from the negligence or misconduct of another partner/employee.
Our background representing businesses allows us to anticipate where partner relationships might fail, and we build in clear dispute resolution and exit strategies into the agreement to manage conflict efficiently.
Partnerships are generally pass-through entities. The partnership files an information return with the IRS, but each partner pays taxes on their share of the profits on their personal return.

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