Stephen is one of the founding partners of Lehnardt & Lehnardt, LLC. His focus with... more
Stephen is one of the founding partners of Lehnardt & Lehnardt, LLC. His focus with clients is as a professional legal counselor, although he likes to refer to himself as "an enabler" who first listens to discover what his clients need and want, and then counsels with his clients to help them get what they want... legally. Whether estate planning, asset protection planning, business counsel, ... 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.