The business attorneys at KALIS, KLEIMAN & WOLFE help business owners establish General Partnership and other corporate business structures for small business. Establishing the right business format can be important to a business’s future.
In a General Partnership, all partners are liable for the debts and business obligations of the partnership, and are taxed on the individual level. Each partner contributes time, money, skills, and each share in the profit and loss of the company. Florida law does not require general partnerships to register with the state or to obtain a state business license.
Some of the steps that maybe necessary to establish a Florida General partnership include choosing a partnership name, filing and registering a trade name if applicable, obtaining licenses, securing permit and zoning agreements, and obtaining an Employer Identification Number (EIN).
The advantages of a General Partnership are lower costs to establish the business, potential tax benefits, ease of business formation and dissolution and control of the day-to-day operations. A major disadvantage is achieving resolution when a partnership experiences common problems and disagreements, which can lead to dissolution.
It is strongly recommended, however not required, that one establishes a partnership agreement and other supporting agreements, if necessary. These can help prevent misunderstandings between you and your partners. Partnership agreements can also help determine how certain conflicts will be handled which can avoid potentially costly litigation.
The business lawyers at KALIS, KLEIMAN & WOLFE have the more than 30 years of experience and knowledge to help your business partnership avoid common pitfalls and mistakes in its establishment, operation or dissolution. If you need help establishing or managing a General Partnership, or need guidance on any business issue, contact the experienced Corporate Law Attorneys at KALIS, KLEIMAN & WOLFE, the South Florida-based corporate and commercial litigation law firm at (954) 791-0477.