Partnerships

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General Partnership

With a General Partnership control of the company is shared among two or more individuals according to the Partnership Agreement and the Partners are joint and severely liable. Each partner involved in the business is personally liable for all business debts (including lawsuits). This is why Entitydocs does not create Partnerships; however we will set up an LLC taxed as a Partnership so you have the protection of the company as well as the potential tax advantages of a Partnership.

Limited Partnership

With a Limited Partnership the Limited Partners are liable only to the extent of their investment. However, there has to be a General Partner(s) who is responsible for everything. If one of the Limited Partners gets involved in daily management of the partnership then they risk their liability protection. All Limited Partnerships are now required to file an Annual Report with the Secretary of State. Entitydocs does not create Partnerships; however we will set up a Limited Liability Company (LLC) taxed as a Partnership so you have the protection of the company as well as the potential tax advantages of a Partnership.