Estate Planning Lawyer in San Jose
Partnerships & Limited Partnerships
In business terminology, a partnership generally refers to a general partnership
which is basically a business with more than one owner. In a partnership,
the owners have not filed papers with the state to establish a business
entity such as an
LLC for example. Partners are liable for any debts or judgments against the
business and each partner has the authority to make binding agreements
on behalf of the business. Willing your share of a general partnership
to your children can be complicated as the tax laws can be unforgiving.
It is very important to contact a knowledgeable San Jose estate planning
lawyer to work with you to develop a strategy that protects you and the
Limited Partnerships also have more than one owner but this particular
organizational structure protects some of the owners from liabilities.
In a Limited Partnership, at least one partner is considered a general
partner that is responsible for making business decisions and is also
responsible for any liabilities. The limited partners invest money but
are not active in the operation of the business and are not liable for
debt or judgments against the company. At
WealthPLAN, PC, the professional and attentive lawyers will methodically analyze your
business to recommend a strategy that ensures current success as well
as a prosperous future for your children. While passing your part of a
partnership or limited partnership to the next generation can be complicated,
the firm will work with you to achieve the best possible transition giving
you peace of mind and allowing you to focus on your business and enjoying
Succession Planning for Partnerships and Limited Partnerships
At WealthPLAN, PC, a trusted and confident firm, the first priority is their
relationships with clients. They will provide you with an outstanding
level of service that will exceed expectation. They know how hard you
work and will work equally as hard for you. Your attorney will work with
you to provide you with a complete understanding of the issues that affect
the goals you have for the future of your business and your family. The
energetic legal team also has the know how to implement their recommendations.
They adhere to a code of standards and ethics in everything that they
do. They are committed to quality, service and integrity, as well as to
assisting you in accomplishing your present goals as well as future goals.
Contact a San Jose estate planning lawyer
from a reliable and dedicated firm without delay to develop a succession
plan for you part of a partnership or limited partnership.