LAS VEGAS PARTNERSHIP LAWYER
In Nevada, general partnerships are governed by the Uniform Partnership Act. A partnership is when two or more persons carry on as co-owners in a business for profit. A general partnership does not require any special filings of business formation documents with the State. However, before starting a partnership or conducting business, a Nevada Business License or Notice of Exemption is required from the Secretary of State. While a general partnership may be deemed as the simplest business entity to create, it also comes with the most risks, as a general partner, you may be personally liable for the obligations and debts of the partnership, even if it is a partner that incurs the liability.
HENDERSON PARTNERSHIP ATTORNEY
Also unique to a general partnership is the option of either having a written partnership agreement or not. If you feel a partnership is the right venture for you, The Dean Legal Group highly suggests letting us draft a partnership agreement to assist in defining the rules, obligations, rights, and terms for the partnership. In particular, there are very valuable provisions which should be added to a partnership agreement including: the allocation of profits and losses; the management authority of each partner, as well as how to resolve partnership disputes. Without these, and other issues decided before the business begins, you are potentially setting you self-up for disaster and a partnership dispute which will lead to expensive litigation later.
LAS VEGAS BUSINESS FORMATION LAW FIRM
Our Las Vegas Business Lawyer will help you understand the protections, obligations, and risks that ever general partnership inherently possesses. While partnership can be a great way for a group of people to start a business, each situation is unique and we routinely encourage our clients to start a business with an entity such as a corporation or limited liability company; which offer more protections and safeguards.
CONTACT OUR LAS VEGAS PARTNERSHIP LAWYER
If you have a question regarding a general partnership in Nevada or to schedule an appointment with an experience Las Vegas Partnership Lawyer, call us now at 702-823-1354 or send us an e-mail. We are dedicated to helping you decide if a partnership is the right business entity for you or if an alternative business structure is better suited to your individual needs.