Washington DC Limited Partnership Lawyers
A Washington DC limited partnership lawyer you can trust is an invaluable resource for your business. At Antonoplos & Associates, we have provided legal services to small and large businesses for over twenty years. As such, our group of skilled attorneys have the knowledge and experience required to guide your business through legal issues associated with limited partnership agreements.
Why You Need A Limited Partnership Lawyer
Most business owners face business-related legal decisions on a daily basis. As the owner of a business, this should be no surprise and for many business-related legal issues, an attorney is not necessary. However, when polled, most business owners don’t have a trusted business attorney to represent their business when legal issues occur. The reason many business owners stated that they didn’t already have a relationship with a business attorney was that they thought that a skilled business attorney would be too expensive for the needs of a small business. As such, most business owners only hire a business lawyer when serious legal issues come up.
At Antonoplos & Associates, we don’t think you need a business lawyer for every decision you make. However, consulting an experienced business attorney is an invaluable resource for your company for two reasons. First, a good business attorney will be able to offer guidance on many issues such as reviewing the terms of an office space or storefront lease, drafting contracts that will establish business partnerships, or review limited partnership agreements. Overall, incorporating a business attorney in general decision making ensures that your business will not enter into any potential disastrous agreements. Secondly, by discussing important parts of your business with a business attorney, this attorney will be better equipped to represent you in the event that litigation occurs. For these reasons, consulting and incorporating a business attorney into your business’s general decision making can even save your business money.
Below, you will find more information on how Antonoplos & Associate’s business law practice can help your business with limited partnership agreements.
Business Formation: Limited Partnership
A limited partnership is a legal entity where two or more people are partners in business but have different levels of management authority and personal liability.
A limited partnership consists of at least one general partner and one limited partner. General partners own and operate the business and thus have personal liability for the debts of the business. Limited partners invest their money or property in the business, but do not have managerial authority over the operation of the business and therefore do not have personal liability for business debts beyond their investment. A benefit of this business formation is that there can be an unlimited number of limited partners.
Additionally, a limited partnership is easier to form than a corporation or a limited liability company, as it requires fewer formalities, and can be utilized for a limited purpose to fulfill a specific objective. Therefore, it is often used by companies or individuals to complete a special project or other venture.
For more information on limited partnership agreements, please contact Antonoplos & Associates. To discuss your case with an experienced attorney, call 202-803-5676, or directly schedule an appointment. If you would like to find out more about business formation in general, check out our blog.
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