Starting a business partnership in Texas might seem fairly easy. Two people have an idea, get together and form a business. That’s all it takes, right? In fact, a business partnership is a complex legal agreement that can lead to conflicts if it’s not handled by an experienced attorney.
Issues arise when forming a business partnership
By hiring an attorney during the business formation process, the partners are better situated to prevent conflicts before they arise and settle issues that could otherwise tear apart their business. An attorney can help them negotiate important issues like figuring out how profits will be divided and what will happen to the business if one of the owners departs.
Additionally, an attorney will understand the different types of business partnerships, and lead the partners to the formation that will best help their company get off the ground. FOr example, a general partnership is what most people imagine when they think about a business partnership. It involves two people sharing ownership of the business. However, a partnership can also include limited partners who have some involvement, but don’t run the business. A limited liability partnership would protect all partners from potential losses.
Where can people go for help with starting a business?
Starting a business can involve a lot of confusing legal issues and paperwork that an attorney can help to clarify. An attorney can also help business partnerships resolve disputes over profits, daily operations, any potential breach of contract and other issues.
An attorney can also assist with issues like buying property, drawing up contracts and dealing with creditors. An attorney might be able to help you protect yourself and your rights so that you don’t end up being vulnerable to a lawsuit.