Limited Partnerships in Plano, TX

Limited partnerships (LPs) are a common formation choice for businesses with more than one owner. The Law Offices of John F. Williams, Jr. have helped many business owners create their own limited partnerships to protect their interests and minimize their liability. When you are thinking of creating a limited partnership, there many things to consider and be aware of before you jump in. The absolute best thing you can do is consult with a licensed attorney with extensive experience in business formation. Discuss your business, your goals, and any concerns you may have. Your attorney will be able to guide you through the process of forming a limited partnership and protecting your personal assets.

What are Limited Partnerships?

A limited partnership is a formation in which there are two or more owners in a business who need protections against personal liability and debts. In limited partnerships, there is a general partner who is personally liable for business debts. There is a second limited partner who can invest money and have limited control over the business, but is not personally liable for business debts.

What are the Benefits of Limited Partnerships?

Many may wonder what the benefits are for limited partnerships, especially for the general partner who is still personally liable for the debts of the business. Limited partnerships are beneficial for those who have an investor and who would like more control, but who do not want to have an active role in the business. As motivation for investment, they want to minimize risk. Becoming a limited partner is one way to accomplish that. There are also slightly different tax rules that may be beneficial for a limited partnership over a general partnership.

For more information regarding limited partnerships, contact the Law Offices of John F. Williams, Jr. Call 972-527-4500 to schedule your initial consultation with our experienced business formation attorney.