Operating your business as a General Partnership in Texas can cause many headaches, but it may also provide many rewards.
Operating as a General Partnership can be beneficial when two or three people want to enter into a business together as co-owners without being burdened by the formalities that come with operating a Corporation. In contrast with a Corporation, no formal agreements or filings are necessary to form a Partnership.
This simplicity of forming a Partnership can attract many people into operating their business as a Partnership. However, being a partner in a Texas Partnership also comes with potential risks. Operating as a Texas General Partnership does not protect the partners from personal liability. This means that a partner could be personally liable for contracts entered into by the Partnership or his other partners.
Different forms of Texas Partnerships exist that can reduce these risks while still allowing you to retain the benefits that come with operating as a General Partnership. The attorneys at our Lewisville firm can help you decide whether a Partnership is right for you and, if so, which Partnership form is best suited for your business. We have offices conveniently located in Denton and Lewisville. Call and set up an appointment today!