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The Law Office of Albert Lee Giddens
Phone: 713-947-0001
Phone:713-947-0001 Fax: 713-947-6527
Partnerships
A general partnership is the most common type of partnership available. In a general partnership one of the main characteristics is that all partners involved have an equal ownership and equal liabilities in the venture. This type of partnership is very typical of a small business.
The second type of partnership that is available is the limited partnership. The main characteristic of a limited partnership is that one person acts as the general partner and the other partners are limited partners.
In this type of partnership the general partner carries all the liability and the limited partners have limited liability. However the general partner usually also has majority control over the business decisions, but every partnership is drafted to fit you unique situation.
If you would like to sit down with an attorney and decide what is right for your business then call our office and make an appoint to sit down with the attorney and discuss your options. If you would like to know what to expect before coming to our office, please see our Meeting with an Attorney section.
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PRACTICE AREAS
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© Albert Lee Giddens, APLC 2008
The information found on this site is only for informational purposes and is not intended as legal advice.
The use of this site in no way creates a attorney client relationship.