Why operate your small business under the proper business entity? In short, it depends. It depends on your goals and those of your small business, but don't worry, when you work with the right business lawyer, all that will be fleshed out with you. You should note that the best entity for you and your company may be different than the entity recommended to one of your competitors or someone else in your line of Read More
General Partnership Agreement Terms
A general partnership is a flexible form of business entity, however, as discussed in my blog post about general partnerships, it does not afford much protection from liabilities. In order to make the best of your general partnership, if that's the business entity that you are forming, you should have a written general partnership agreement. This agreement should memorialize, in detail, various terms of your Read More
General Partnership – Is This the Business For Me?
A general partnership is created automatically, and possibly without intent, when two or more persons engage in a business for profit. A general partnership can be quite flexible and simple in its organization and operation and it acts like a sole proprietorship in that it does not offer any protections from liabilities. Of course, there are different kinds of partnerships, to include, limited partnerships and Read More
Why Might I Need a California Limited Liability Partnership or LLP?
A California Limited Liability Partnership (LLP) is a form of partnership that, in California, can only be used by certain licensed professionals, specifically doctors, lawyers and architects. Registration Before registering a Limited Liability Partnership, with the California Secretary of State, you should be sure that no other Limited Liability Partnerships by the same name exist in California. After you have Read More
How to Form a Limited Partnership in California
A limited partnership in California is a bit more complicated than a general partnership. A California limited partnership is a partnership owned by two distinct tiers of partners: the general partners manage the company and are personally liable for its debts, just as in a general partnership; the limited partners make capital contributions and share in the profits but normally do not participate in the day-to-day Read More
What Business Entity Should I Create?
In short, it depends. The business entity that is best suited for your neighbor and her organization is not necessarily the best business entity for you and your company. There are many discussions that must take place before selecting the best entity structure. In California, there exist 5 basic types of business entities. They are: Sole Proprietorship - This is probably the simplest of the business structures Read More
