A partnership is a type of business entity in which two or more partners engage in a partnership agreement to share the profits and losses of the business venture. The partners can be either individuals or another entity such as a corporation. A partnership agreement can be written or oral. Partnerships are not incorporated and are not limited liability companies and unfortunately tend to be treated less formally by the partners. This can lead to misunderstandings of the partnership agreement and litigation.
It is always advisable to enter into a detailed writtten partnership agreement drafted by an experienced lawyer before commencing business or committing assets to the partnership. If there are topics which the partners neglected to address in their partnership agreement, the Ohio General Statutes will in some instances take over and impose terms on the partners. Since the partners in a general partnership are liable for the acts of other partners in the pursuit of the business enterprise and are also liable for the debts and acts of the partnership, it is most often not advisable to carry on a business in a general partnership.
Limited liability companies afford all of the tax benefits of a general partnership along with limited liablity protection from the debts and acts of the partnership and the other partners. Other business entitly options include business corporations, professional corporations, limited partnerships and limited liablity partnerships. Phillips & Mille Co., L.P.A. is experienced in the operation of partnerships, negotiating and drafting partnership agreements, and can protect your interests when entering into a partnership.
Additional Resources - Partnerships
Corporate and Business Law
- ABA Section of Business Law
The Mission of the Section is to serve the public, the profession and the Section by furthering the development and improvement of business law, educating Section members in business law and related professional responsibilities, and helping Section members to serve their clients competently, efficiently and professionally.
- Business Gateway to the U.S. Government
Business.gov, the official business link to the U.S. Government, is managed by the U.S. Small Business Administration (SBA) in a partnership with 21 other federal agencies. This partnership, known as Business Gateway, is a Presidential E-government initiative that provides a single access point to government services and information to help the nation's businesses with their operations.
- Business Law - Quick MBA
Starting a company, employment law, business legal structure, where to incorporate...
- Canada: Guide to Federal Incorporation
- Capital Requirements in United States Corporation Law
This paper focuses on corporation law in the United States as it relates to capital contributions and capital maintenance.
- Company Law Australia
This site has been set up for educational purposes to meet the needs of lecturers and students of Australian corporate law and is designed to complement Understanding Company Law
- Corporation Law in Australia
- EU Law - Business
Latest business news about EU law, legal issues and the European Court of Justice
- European Business Law Review
A bimonthly online journal that provides analysis of developments in European business law, including news on specific countries and coverage of EU directives, legislation, treaties, case notes and other related matters. Professional and academic interests.
- Free Advice: Business Law Center
- Incorporation Glossary
- Legal Information for Small & Large Businesses
Broad ranging material on business laws, regulations, structuring, capital, taxes, securities, employment, contracts, labor & more
- Legal Structures
Choosing a Legal Structure; Legal Structures Comparison; Sole Proprietorships; Partnerships; "C" & "S" Corporations; Limited-Liability Company; Nonprofit Corporation; Incorporation; Bylaws;
- Uniform Commercial Code