PARTNERSHIPS

By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Kiritsis Law Group

212 922 0005

 

 

A partnership is a type of business structure in which two or more individuals own and operate the business together. Partnerships are relatively simple and inexpensive to set up, and offer the potential for shared management and shared profits. Partners in a partnership are personally responsible for the debts and obligations of the business, meaning that each partner's personal assets are at risk in the event of a lawsuit or financial obligation.

 

There are two main types of partnerships: general partnerships and limited partnerships. In a general partnership, all partners have unlimited personal liability and share in the management and profits of the business. In a limited partnership, there are both general partners with unlimited personal liability and limited partners with limited personal liability. Limited partners typically do not participate in the management of the business and their liability is limited to the amount they have invested.

 

Sources:

New York Business Corporation Law

New York Limited Liability Company

New York General Obligations Law

NYS Office of Professions

U.S. Constitution

 

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.

 

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Phone # 212 922 0005

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