Are You in a Partnership?
If you are conducting business with another person or entity, it is important to know whether or not your relationship will be legally viewed as a partnership. This is so because a partner in a partnership has the authority to bind the partnership to an agreement, making each of the partners jointly and severally liable for all partnership obligations. This means that if you are a partner in a partnership, your personal assets, such as your home, is at risk for any partnership debt. That is why people choose to incorporate and insulate their personal assets from the company’s debts. But, if you are in a partnership, you need to know! Under California law, a partnership is defined as an association of two or more persons or entities, formed to carry on a business for profit, as co-owners. Thus, two basic elements are necessary for you to be involved in a partnership: a community of interest in a business and the sharing of profits and losses. A community of interest requires some degree of participation by partners in the management and control of the business. The requirement of sharing in partnership profit and losses permits the percentage division to be agreed upon by the partners. If you are not sure whether you are a partner, Orange County Business Lawyer can help you to find out! CALL Orange County Business Lawyer at (844) 921-1937
DO YOU NEED LEGAL HELP TO SOLVE YOUR PARTNERSHIP DISPUTE?
If you are in a partnership, and you are in a dispute with your partner(s) over management and control, distribution of profits or other compensation, protection of trade secrets, or transfer of ownership issues, Orange County Business Lawyer can help you. Attorney Debra Grimaila understands that partnership disputes often include issues of trust and feelings of betrayal, and that personalities often drive decision making. Depending on your situation, Debra Grimaila, Esq. can help you negotiate a solution, or if necessary, aggressively litigate your position. Whether your case involves breaches fiduciary duty, allocation of earnings, preservation of trade secrets, or otherwise, Debra Grimaila, Esq. offers cost effective legal solutions to your legal needs. CALL Orange County Business Lawyer at (844) 921-1937
Orange County Business Lawyer, P.C. and its founder Debra Grimaila, Esq. is available to assist individuals and businesses with their business litigation, business transaction, real estate litigation, real estate transaction, debt collection needs in Orange County, California.
Cities Served: Aliso Viejo, Anaheim, Brea, Buena Park, Costa Mesa, Coto De Caza, Cypress, Dana Point, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, La Palma, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, Los Alamitos, Mission Viejo, Newport Beach, Orange, Placentia, Rancho Santa Margarita, San Clemente, San Juan Capistrano, Santa Ana, Seal Beach, Stanton, Tustin, Villa Park, Westminster, Yorba Linda
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