If you are starting a business with a partner, it is essential to have a legal agreement in place. One of the most popular types of business agreements is a limited partnership agreement, and LegalZoom is a great resource to help you create one.
A limited partnership agreement is a legal agreement between two or more individuals or entities who want to operate a business together. In a limited partnership, one or more partners are considered «general partners,» who run the business and have unlimited liability for its debts. The other partners are «limited partners» who invest in the business but are not involved in running it and have limited liability.
A limited partnership agreement lays out the terms of the partnership between the general and limited partners, including their roles and responsibilities, profit sharing, and decision-making processes. It also includes provisions for resolving disputes and dissolving the partnership if necessary.
LegalZoom offers an easy and affordable way to create a limited partnership agreement online. The process starts by answering a few simple questions about your business and partnership. Based on your responses, LegalZoom generates a custom agreement that includes all the necessary legal provisions.
Additionally, LegalZoom provides a review by an attorney who specializes in business law to ensure that your agreement is thorough and legally sound. This added level of protection can give you peace of mind as you start your business with your partner.
In conclusion, if you are starting a business with a partner, a limited partnership agreement is a crucial legal document to have in place. With LegalZoom, you can create a customized agreement quickly and affordably, ensuring that your partnership is off to a strong and secure start.