Articles Posted in Partnerships

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AdobeStock_742719368-300x86As with personal relationships, business partnerships can also reach their conclusion. This can be a planned event or an unexpected change, such as a partner’s death or retirement, which necessitates winding down the partnership. In such situations, the Silicon Valley partnership attorneys at Structure Law Group can provide expert advice on how to dissolve a business amicably and on good terms.

Why Do California Partnerships Dissolve?

The reality is that most Silicon Valley businesses do not last indefinitely. This is especially true of partnerships, which depend on the ongoing participation of the individual partners in the business. There are several reasons a partnership can dissolve, including but not limited to:

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AdobeStock_38444038-300x201Business Partnership Lawsuits — Disputed Between LLC Members, Shareholders, General Partners, or Limited Partners

Nobody enters a business partnership or relationship expecting to end up in litigation, but disputes may arise that can only be resolved through a formal legal process. If you are involved in such a lawsuit, the San Jose partnership lawyers at Structure Law Group can provide you with professional advice, guidance, and representation throughout the process.

Why Partnership Lawsuits Happen

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AdobeStock_272289224-300x182A partnership involves two or more people agreeing to do business together for profit, even when you do not intend or there is no written agreement to form the partnership. Legal partnerships must comply with registration, filing, and tax requirements applicable to any business, and a Texas partnership attorney can assist people throughout the state who are considering forming partnerships.

You need to decide which kind of partnership you want to create, as there are several different kinds. General partnerships are the most common kind of partnership, and partners are entirely personally liable for all partnership debts; limited partnerships (LPs) allow for both limited and general partners, and the limited partners will not be liable for business debts beyond their own investments in the business although general partners will remain fully liable for an LP’s debts; limited liability partnerships (LLPs) afford protection to partners from business liabilities they had no hand in creating themselves; and limited liability limited partnerships (LLLPs) allow limited partners to have liability for business debts capped at the total amount of their investments.

Choose Your Partnership Name

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For certain licensed professionals, a AdobeStock_249826261-300x200 (LLP) offers an alternative to general and limited partnerships and limited liability companies and can offer several advantages over those business entities. The California partnerships lawyers at Structure Law Group can help you decide if an LLP is the right choice for your own business.

Only Certain Professionals Need Apply

Unlike a general partnership (GP), limited partnership (LP) or even a limited liability company (LLC), not everyone can form a limited liability partnership (LLP). California law currently limits LLPs to individuals licensed in one of the following professions:

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AdobeStock_388222194-300x205If you own a business or commercial real estate in California, you should consider what will become of these assets when you are ready to retire. If you are looking to transfer your business or real property to your children or other family members, then a California family limited partnership (FLP) may be the best way to do it. But there are a number of potential legal and tax risks involved if you do not handle things correctly. The experienced Silicon Valley partnership lawyers at Structure Law Group’s San Jose office can help steer you and your family in the right direction on these issues.

What is a California Family Limited Partnership?

A business partnership occurs when two or more people agree to own property or operate a business together. In a general partnership, the partners share in the profits and losses of the businesses. This means that a creditor can go after the personal assets of any of the general partners.

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AdobeStock_283587757-300x200People can create a partnership whenever two or more people agree to do business together, and there is no formal paperwork required to establish the partnership when people agree to do business with one another. It is still recommended that you hire Austin business partnership attorneys for assistance in ensuring your partnership enjoys full legal protections.

You also need to consider which kind of partnership you are forming because the general partnership that is the most common type of partnership means the partners will be personally liable for all partnership debts. Limited partnerships (LPs), limited liability partnerships (LLPs), and limited liability limited partnerships (LLLPs) can all offer liability protections.

Steps to Starting a Partnership

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AdobeStock_232564567-300x200Many small business owners in Texas need to account for the future of the ownership and continuity of their business, and a buy-sell agreement will often accomplish these goals. When you need help crafting a buy-sell agreement, make sure you are working with a skilled Texas business attorney.

Texas Buy-sell agreements can come into play for both unforeseen and foreseen events among owners, including a business partner dying, becoming disabled, getting divorced, or declaring bankruptcy. Other complications can include a business partner changing their vision for the company, losing interest in the business, needing a cash infusion, or acting in bad faith.

Necessary Elements of a Buy-Sell Agreement

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AdobeStock_96879652-300x200When you are selling a business in California, it can be a somewhat complex but still rewarding process that requires an exit strategy to realize the gains from building and operating a successful business. The number of moving parts when selling a business makes documentation of the terms of a sale critical, and there will generally be four stages to follow.

You are going to want to make sure that you have legal counsel when you are negotiating the sale of your business. A California business attorney with Structure Law Group, LLP, can walk you through the entire process.

Preparing to Sell the Business

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AdobeStock_445476294-300x200When entrepreneurs are starting a business involving a partner or multiple partners, a buy-sell agreement will be a must-have because the agreement will establish protections for every party and the company if something happens or an exit event occurs with any of the business partners. Without this agreement, several variables may emerge, including a family member or other party taking ownership or a controlling stake without any concern for business success.

Formulating a buy-sell agreement can be a big demand, but you can get competent legal help in formulating this agreement. A Los Angeles business attorney with Structure Law Group, LLP can help you craft a buy-sell agreement that will focus on protecting your business for the long run.

When You Need a Buy-Sell Agreement

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AdobeStock_183500602-300x200Business owners in Silicon Valley are well acquainted with all kinds of legal contracts. It is important to know your legal rights – as well as your obligations – under any contract. Many contractors try to bully others with threats of breach of contract and costly litigation. The experienced contract lawyers at Structure Law Group are here to help your business handle all types of breach of contract issues. Here are some of the most common disputes:

A Vendor’s Breach of Contract

Most businesses must enter into vendor contracts to get the goods and services necessary for their daily operations. If these vendors breach their contractual obligations, your business could be left unable to deliver on its own contractual duties to customers. A well-drafted vendor contract can help prevent confusion or ambiguity. Our contract attorneys can also help you determine the best course of action when a vendor breaches a contract. While litigation is sometimes necessary, it is not always worth the cost of a damaged business relationship with a trusted partner. An experienced contracts lawyer will be able to give you options for handling the problem.

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