Michelle P. Quinn is a partner in the Corporate/Business Entity Counseling practice group of Berger Harris. Her practice focuses primarily on rendering advice as to matters of Delaware law relating to partnerships and limited liability companies....
Practice areas & skills: Partnership, Corporate & Incorporation, Limited Liability Company (LLC), Contracts & Agreements, Business
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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.