Business Law Attorneys Handling Partnerships in Raleigh, New Bern, and Morehead City, NC
Well-known legal team helps you with general partnerships, limited partnerships, and limited liability partnerships
Having served businesses and individuals throughout North Carolina for 30 years, we at Howard Stallings skillfully handle difficult partnership disputes arising from disagreements about profits, management, new-partner interactions, and other matters. We carefully review your case and determine what remedies exist and which are most beneficial for your situation. In addition, our knowledgeable legal team frequently drafts and reviews sound partnership agreements for a broad range of clients.
Types of partnerships
If you are a business owner seeking to take on a new partner, a business law attorney can provide valuable assistance. In fact, by retaining the services of a skilled lawyer as early as possible in the process, you can limit the potential for future partnership disputes. At Howard, Stallings, From, Atkins, Angell & Davis, P.A. our legal team explains the process of creating a partnership — from choosing a name to drafting and signing a partnership agreement —in a clear manner. We regularly assist clients with the following types of partnerships:
- General Partnership — Under the general partnership model, all partners play management roles. However, general partners are also responsible for the liabilities of the business. As a result, if you are part of a general partnership and a lawsuit is filed against you, your partners are also held liable.
- Limited Partnership — Limited partnerships consist of general partners and limited partners. A limited partner does not participate in the day-to-day operations of the business and enjoys limited liability.
- Limited Liability Partnership — Limited liability partnerships (LLPs) combine the benefits of partnerships and corporations. All partners in an LLP have limited liability from the negligence of other partners. However, you can still be held personally liable for any malpractice or wrongdoing you commit.
How to start a partnership in NC
Like starting a business, creating a partnership should be attempted only with the guidance of an experienced business law attorney. Even if you have an in-depth understanding of the process, a lawyer can review the necessary documentation and ensure that it is filled out correctly, as an error or mistake can cost you time and money. The following explains the basic steps involved in forming a partnership in North Carolina:
- Decide on a business name — Your first task is to choose a business name. It can be a surname or something purely fictitious that embodies the philosophy of your company.
- File an assumed name — North Carolina law requires you to file the assumed name of the partnership with the register of deeds office in the county where your business is located.
- Create and sign a partnership agreement — By law, you are not required to have a partnership agreement. However, drafting one can help prevent disputes and misunderstandings that could damage the business.
- Obtain the necessary license and permits — Depending on the industry, state and local laws may require you to obtain licenses or permits.
- Obtain an Employer Identification Number — For tax reporting purposes, the Internal Revenue Service requires partnerships to obtain an Employer Identification Number (EIN). Even if you do not have employees, you must have an EIN.
Let an experienced team of business law attorneys provide valuable advice
Throughout North Carolina, Howard Stallings is recognized as a top-rated law firm. Our skilled legal team can provide you with reliable advice regarding all aspects of business law and the formation of partnerships. Call 919-821-7700 today or contact us online to schedule a consultation with an experienced lawyer.