Limited Liability Partnership

California Attorneys Providing Experienced Partnership Formation Advice

In general terms, a partnership exists any time two or more persons carry on a business for profit as co-owners. Each partner has unlimited personal liability for all the partnership's debts and implied authority to legally bind the partnership.

Although the law requires no formal partnership agreement, it is highly advisable to adopt a written agreement and set up a Limited Liability Partnership (LLP) or other arrangement. Unless there is an agreement to the contrary, partners share profits equally, share losses in the same portion as profits, and are personally liable for partnership debts.

A Limited Liability Partnership (LLP) is a partnership often used in the practice of public accountancy, the practice of law, the practice of architecture, or services related to accountancy or law. A Limited Liability Partnership is required by law to maintain certain levels of business insurance, and may provide limited liability for some partners.

In each LLP, there must be at least one general partner that acts as the controlling partner. The liability of non-controlling partners, known as limited partners, is normally limited to the amount of control or participation they have engaged in. General partners of limited partnerships have unlimited personal liability for the partnership's debts and obligation.

At the Law Offices of G. J. Mugg, our attorneys understand the advantages and disadvantages of a limited liability partnership and can provide partnership formation advice that is tailored to your specific situation. Though our partnership formation lawyers serve the needs of business clients nationwide, the majority of our clients have some business interests and concerns in the San Francisco Bay Area, including San Francisco, San Jose, Oakland, North Bay, East Bay, South Bay, CA, and the California counties of San Francisco, Alameda, Marin, Sonoma, Napa, Solano, Contra Costa, San Mateo, and Santa Clara.

For further partnership formation advice please contact us today. For the first hour of any initial consultation, our lawyers charge no fees, provided you retain our services for future work. Every subsequent hour of the initial consultation incurs half our regular attorney fees.