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. 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 next generation.
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, our 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, our 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 the present.
Succession Planning For Partnerships And Limited Partnerships
At WealthPLAN, PC, a trusted and confident firm, our first priority is our relationships with clients. We will provide you with an outstanding level of service that will exceed expectation. We 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.
Our energetic legal team also has the know how to implement our recommendations. We adhere to a code of standards and ethics in everything that we do. We are committed to quality, service, and integrity, as well as to assisting you in accomplishing your present goals as well as future goals.