Partnership Business & Legal Forms

In this Section:

• Bestsellers - three leading most sold partnership business products.
• Forms, books, kits & software - superior products from the best-known legal publishers.
• Business Formation - Washington State, Paralegal & Attorney Options
• Definitions:
  • Partnership
  • Limited Partnership

Business Formation
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Business Formation Services Washington State
By Do It Yourself Documents Paralegal Services

Form a Partnership: The Complete Legal Guide

• Book
• CD-ROM
• All States
• By Attorneys Ralph Warner & Denis Clifford
• Nolo Press
• List Price: $39.99
• Our Price: $35.99

Description: Everything you and your partners need to go into business together! Form a Partnership thoroughly explains the legal and practical issues involved in forming a business partnership, creating a partnership agreement...

Partnership Agreement Kits

• Forms
• Instructions
• CD-ROM
• All States
• By InfoAmerica
• List Price: $17.95
• Our Price: $15.95

Description: This easy-to-use kit enables you and your business associate (s) to draw up a written agreement legally -- without the requirement or high expense of an attorney! Included in this kit are fill-in-the-blank forms, and all of the instructions you will need to create a valid partnership agreement...

Partnership: Small Business Start-Up Kits

• Book
• Forms
• All States
• By Attorney Daniel Sitarz
• Nova Publishing, Business & Consumer Legal Books & Software
• List Price: $29.95
• Our Price: $26.95

Description: This valuable business guidebook provides business owners nationwide with everything they will need to set up and start a small business partnership in any state without using an attorney. Written in simple, straightforward language, everything for the business start-up is included...

Partnership Kits

• Instructions
• Forms
• All States
• By Kermit Burton
• Alpha Publications
• List Price: $29.95
• Our Price: $26.95

Description: The complete do-it-yourself partnership kit that provides easily prepared partnership agreements which permits formation of a general partnership, limited partnership, limited liability partnerships or family limited partnerships...

Partnership:

A business enterprise entered into for profit which is owned By more than one person, each of whom is a "partner." A partnership may be created By a formal written agreement, but may be based on an oral agreement or just a handshake. Each partner invests a certain amount (money, assets and/or effort) which establishes an agreed-upon percentage of ownership, is responsible for all the debts and contracts of the partnership even though another partner created the debt or entered into the contract, has a share in management decisions, and shares in profits and losses according to the percentage of the total investment. Often a partnership agreement may provide for certain division of management, shares of investment, profit and/or rights to buy out a partner upon leaving the partnership or death. Each partner owes the other partners a duty of full disclosure of information which affects the business and cannot commandeer for himself/herself business opportunities which rightfully belong to the partnership. A partnership which does business under a trade name must file with the county or state a certificate of "doing business under a fictitious name," which gives notice to the public of the names of partners and the business address. A "limited partnership" limits the responsibility for debts beyond the investment to the managing "general partners." The investing "limited partners" cannot participate in management and are limited to specific percentages of profit. A partnership differs from a "joint venture," which involves more than one investor for only a specific short-term project and prompt division of profits. Partnerships are traditionally the most fragile of business arrangements and are often dissolved and subject to disputes. But several million exist in the United States and, ironically, they are the favorite business entity for law firms.

Limited Partnership:

A special type of partnership which is very common when people need funding for a business, or when they are putting together an investment in a real estate development. A limited partnership requires a written agreement between the business management, who is (are) general partner or partners, and all of the limited partners. Each limited partner makes an investment of funds into the partnership and is supposed to receive a pre-stated share of the profit, which is ordinarily greater than that of each of the general partners up to a point (such as return of the investment), and, thereafter, the limited partners will receive a lesser share than the general partner(s). The limited partners also will receive the tax benefit of a "passed through" loss (a personal income tax deduction for part of the loss) during the development stages of the partnership when the expenses exceed any receipts. Quite often there is also a provision for eventual buy-out of the limited partners By the general partner(s). The limited partners may not participate in the management decisions of the partnership or they will lose their limited partnership status. They do have the power to vote to remove the general partner(s), although usually the partnership agreement is structured so that such removal is virtually impossible unless the general partner in question has committed fraud. Since the limited investors have no control of the conduct over the partnership, they should make sure they have considerable knowledge about the reputation and record of the general partner(s) and the type of business. In fact, state laws require that there be some pre-existing acquaintanceship between the general and the limited partners or a detailed prospectus provided By the general partner(s) meeting very stringent and specific federal requirements of disclosure. The maximum number of limited partners is set By state law to prevent using interests in the limited partnership as if they were shares of stock in a corporation. In addition to priority in profit, tax deductions, and potential share in the success of the enterprise, the limited partner is "limited" in potential loss, since all he/she can lose is his/her investment, and the general partners alone are subject to claims, debts in bankruptcy and lawsuits against the partnership. Limited partnerships must file their name and names and addresses of general partners with the Secretary of State or other designated officer in the state in which the partnership is created so the public can find out who the responsible parties are. Like a corporation, a limited partnership may not have a name which is too similar to another limited partnership or corporation.