How to Maintain a Successful Partnership
Before selecting your partner and setting up your company, make sure you watch our video on how to maintain a successful partnership.
If an LLP is right for you, the sooner you can get protected, the better. To take advantage of an LLP’s valuable protection today, consult a business lawyer take those first steps for your professional practice.
You can reach a professional business attorney with a call, email, or by filling out our form.”Contact
LLPs: What are Limited Liability Partnerships?
Are you considering an LLP for your professional partnership? LLPs are essentially a formalized structure for traditional “partnerships” that people find themselves engaged in after going into business with someone else. When friends or acquaintances go into business together, they are taking a significant risk. They are entrusting their partner with a stake in their business, which is their livelihood. The limited liability partnership structure developed to protect individual partners from liabilities of the partnership. In certain states (including Oregon), LLPs are only available to partnerships of licensed professionals, such as accountants, architects, attorneys, chiropractors, dentists, landscape architects, naturopaths, nurse practitioners, psychologists, physicians, podiatrists, medical imaging licensees, and real estate appraisers. Essentially, the limited liability partnership will protect your personal assets from being seized in the case of a corporate lawsuit. This also means your partners are likewise protected. Consider carefully before hiring someone as an employee or freelancer before making them a partner.
Get Advice from a Business Attorney
If you are a professional seeking limited liability for your business, an LLP might be the right choice for you. The steps necessary to form an LLP under state law are relatively simple, but the rules governing their operations as well as those of other business entities are more complex. Failing to respect these rules can leave you exposed for the liabilities of your partnership. This is why it’s a good idea to hire a business attorney who has dealt the LLP structure, as well as others, before. At Northwest Business Law Group, our business lawyers can walk you through the legal jargon and guide you through your next steps. We take the time to review contracts, research, and make recommendations, so that all you have to do is make business decisions.