A partnership is a business that is owned by two or more people. According to partnership law in order to make it a partnership, you cannot have filed papers to become a corporation or a limited liability company. One of the best things about creating a partnership is that according to partnership laws you do not have to file any paperwork to become a partnership, the partnership is going to start as soon as you start doing business with another person.
Even though there are not any partnership laws that require you to have a written partnership agreement it is still a good idea to have one on hand. The reason for this is that a written partnership agreement will provide the state and your business with the details of how you plan to run your partnership. If you do not have a written partnership agreement, in place than the partnership laws of your state will dictate how your partnership is going to be run.
With partnerships there are no special rules that require you to hold meetings or prepare minutes like a corporation has too. For the most part a partnership is a very informal business structure, but how informal or formal it is will depend on your written partnership agreement. In general partnerships, majority of the time partners share everything equally, which includes management, profits and losses, and debts and liabilities. If you plan to split the partnership differently, it is imperative that you have a written partnership agreement with your business records just in case a dispute with a partner arises.
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Texas Corporation and Partnership Laws, 2010 ed. (West's Texas Statutes and Codes) List Price: Sale Price: $60.00 |
DescriptionIncludes text of the Business Corporation Act; Title 32, Corporations, of Vernon;s Civil Statutes, including the Limited Liability Company Act; Revised Limited Partnership Act and the Revised Partnership Act; Chapter 36 of the Business and Commerce Code, relating to assumed business or professional names; and the Utility Code... |
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