Texas Business Partnership Attorneys
Our experienced business lawyers can help you when it matters most
Are you considering starting a business partnership? For many entrepreneurs, this method of business organization is a good fit for their needs and ambitions. Business partnerships are legally complex entities. That’s why it’s important to have experienced legal counsel from the beginning to give your business venture the strongest foundation to succeed.
Whether you are considering starting a new business partnership, adding a partner to an existing business or need help with any other legal matters involving a partnership, the business law attorneys at our law firm can help. Our attorneys at Brewer & Pritchard, P.C. have more than 90 years of combined legal experience. We know the applicable state and federal laws and can help you every step of the way.
What are different types of business partnerships?
In the context of a business organization, the term “partnership” can refer to two related but distinct types of business structures.
- General partnership – This arrangement involves two or more partners managing the company’s operations. All the partners share responsibility for debts, liabilities and other obligations of the partnership. This is the easiest type of partnership to form when two or more partners want to be actively involved.
- Limited partnership – In this business partnership, the limited partners are only investors. They have no control over the operations of the company, but they also are not subject to liability like the general partners. Limited partnerships are more complex than general partnerships, but they can be effective for companies that expect to have many passive investors.
Whichever business partnership you decide to form, our experienced attorneys can help you explore the pros and cons of different types of partnerships and which one makes the most sense for your specific business.
How can a business lawyer help form a business partnership?
There are many legal issues that can emerge when organizing a partnership. Some of the matters we can help you address include:
- Defining each partner’s role and responsibilities
- Determining each partner’s contribution of time, money and assets
- Voting procedures and requirements
- Rights to profit, compensation and losses
- Buy-sell provisions and exit strategies
- Expulsion provisions
- Non-compete provisions
Depending on the nature of your business and the needs of each partner, other provisions may also need to be established in the partnership agreement, such as arbitration clauses and provisions regarding contract disputes. We can review your partnership documents and help you create an agreement that addresses all your legal needs.
Don’t enter a business partnership without knowing all the risks and benefits of different types of partnerships. Get the strong legal representation you need and deserve. Discover what our Texas business attorneys can do for you. Contact Brewer & Pritchard, P.C. online or call 713-209-2950. We work with businesses nationwide.