Kiritsis & Associates
By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Kiritsis Law Group
212 922 0005
A general partnership is a type of partnership in which all partners are equally responsible for the management and debts of the business. This means that each partner has unlimited personal liability for the obligations of the partnership. Each partner is entitled to a share of the profits and is responsible for paying taxes on their share of the partnership's income.
General partnerships are relatively simple to set up and operate, and offer the advantage of shared management and shared profits. However, the unlimited personal liability of the partners can be a significant disadvantage, as each partner's personal assets are at risk in the event of a lawsuit or financial obligation. In a general partnership, it's important for the partners to have a clear understanding of their roles, responsibilities, and ownership interests in the business.
New York Business Corporation Law
New York Limited Liability Company
New York General Obligations Law
NYS Office of Professions
Whether you are a new business startup or a well-established company, our law firm can help you with all of your business law legal needs. For a free consultation, you can call us at 212 922 0005.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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