Business Structures

Business PartnershipIf you plan to operate a enterprise you will need to determine the most applicable and effective legal relationship for you and any enterprise colleagues; there are a number of different methods to structure this relationship, and different laws govern totally different relationships (see related article How to structure what you are promoting).

If you determine to organize your corporation as a partnership, be certain you draft a partnership agreement that particulars how business decisions are made, how disputes are resolved and the right way to handle a buyout. You’ll be glad you have got this settlement if for some purpose you run into difficulties with one of many partners or if somebody wants out of the association.

Each state (apart from Louisiana) has its own legal guidelines governing partnerships, contained in what’s usually known as the Uniform Partnership Act” or the Revised Uniform Partnership Act”—or, generally, the UPA” or …