Steven H. Schram ("Steve") is Co-President of Shapiro, Lifschitz Schram and serves... more
Steven H. Schram ("Steve") is Co-President of Shapiro, Lifschitz Schram and serves as the firm's managing principal. Steve's broad range of seasoned experience in finance and accounting sets him apart from other attorneys in his field. His decorated educational background includes studies in finance and accounting at the Wharton School of the University of Pennsylvania, and a corporate and tax... 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.