What does a partnership lawyer do

Asked over 2 years ago - Woodland Hills, CA

As above

Attorney answers (6)

  1. Steven Alan Fink

    Contributor Level 20

    7

    Lawyers agree

    1

    Answered . We make sure there is a written agreement dealing with issues regarding management, income and expenses, duties, salary, termination of partnership, and similar issues. Better to have agreement you never refer to, than to have a dispute with no means of resolution.

    The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The... more
  2. Frank Wei-Hong Chen

    Contributor Level 20

    6

    Lawyers agree

    Answered . Assuming your question is about what a lawyer representing general and limited partnerships does, I agree with Attorney Fink. Probably the most important aspect of the lawyer's work is to assist in the partnership agreement so that the partners are clear about when new partners can be added, and how partners can leave (and be compensated).

    Frank W. Chen is licensed to practice law in the State of California. The information presented here is general in... more
  3. Robin Mashal

    Contributor Level 19

    6

    Lawyers agree

    Answered . Disclaimer: The materials provided below are informational and should not be relied upon as legal advice.

    When two or more people enter a business relationship with intention to share the profits, they are considered partners in the eyes of the law. Unless the partners enter a written agreement concerning each partner's tasks, how profits/losses will be shared, etc., the partnership will be governed by the default provisions in the Corporations Code and the tax statutes. It is highly recommended that parties enter a written partnership agreement so they may dictate their partnership terms. A transactional attorney can assist in drafting the partnership agreement, and can also assist in formation of more formalized partnership entities such as limited partnerships (LPs), limited liability partnerships (LLPs), etc. A litigation attorney who specializes in partnership disputes can assist partners when a partnership controversy occurs. Be sure to consult your own attorney to protect your legal rights.

  4. Phillip Monroe Smith

    Contributor Level 18

    6

    Lawyers agree

    Answered . Partnership law and partneship taxation are two connected issues that an attorney that advises in partnership law should know.In the current business environment, general and limited partnerships are are becoming rare because iiability attaches to the general partners.Currently partnerships are formed in LLC's because this business form limits liablity of the general and limited partners.

    Partnership taxation is a very complicated area of the tax code under Subchapter K. An attorney practicing in this area should know the tax aspects and also the legal aspects of partnerships.

    There are treatises written on partnerships which this response cannot encompass because partnerships have lots of rules and afford a great deal of flexibility.

    Phillip M. Smith Jr.
    Worldclasslawyers.com
    Call: 855 IRSTAXBIZ

    THESE COMMENTS ARE NOT LEGAL ADVICE. They are provided for informational purposes only. Actual legal advice can... more
  5. Kenneth Allyn Sprang

    Contributor Level 15

    7

    Lawyers agree

    Answered . Although I work with various business organizations, including partnerships, I would not call myself a partnership lawyer. Most business and corporate lawyers like me work with corporations, LLC's, partnerships, and other organizations.

    A lawyer either representing an existing partnership or helping to create one will draft a partnership agreement to reflect the partners' wishes. Unless he or she is a tax expert the lawyer will urge you to seek an accountant familiar with partnership accounting and tax returns. The attorney will also discuss with you the pros and cons of partnerships versus other forms of organization.

    No one should launch any type of business without some consultation with a knowledgeable business lawyer. In the long run, legal consultation will save you money. If you are evaluating the possibility of a partnership, you should inquire whether the prospective lawyer has done partnership work.

  6. Michael Charles Doland

    Contributor Level 20

    5

    Lawyers agree

    Answered . I was sure you mean, what does a lawyer in a law partnership do. My reviewing my colleagues answers, I must be mistaken. A partnership lawyer does what every business lawyer does, but for partnerships. Some do transactional work, some do litigation, some do both. But they represent the partnership as an entity, and cannot represent one partner against another wtihout a conflict of interest.

    The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may... more

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