Rob Morrow is currently of counsel to the law firm Broedlow Lewis, LLP. He has also been a visiting associate professor of law at the Dale E. Fowler School of Law at Chapman University,... more
Rob Morrow is currently of counsel to the law firm Broedlow Lewis, LLP. He has also been a visiting associate professor of law at the Dale E. Fowler School of Law at Chapman University, where since 2003 he has taught such courses as Partnership Taxation, S Corporations, Taxation of Business Organizations, Federal Income Tax (JD and LLM), and Closely-Held Businesses. Prior to becoming a visitor ... view profile
A partnership is created when people pool resources and join together in business. There are several types of partnership agreements: In a general partnership, all partners manage the business and are personally liable for its debts. In limited partnerships, partners' liability is limited and they have no voice in decision-making. In a limited liability partnership (LLP), all partners have some degree of limited liability. In a limited liability company (LLC), a shareholder is not personally liable for any of the debts of the company, other than for the money they invested in that company. An attorney experienced with partnership agreements will help you decide whether a partnership is a good idea for your business, and which type of agreement would be best for you. Partnership lawyers will also make sure your partnership agreement accurately describes each partner's rights and responsibilities.