There are several types of partnership arrangements. In particular, in some partnerships all partners share liabilities and profits equally, while in others, partners may have limited liability. There also is the so-called "silent partner," the one party that is not involved in the day-to-day operations of the business. Professionals such as doctors, lawyers, or accountants would often form professional limited liability companies, where partners may be protected from liability for malpractice of one of its members. Partnership agreements may also distinguish between equity partners and salaried partners. In all these multiple instances, a custom-made partnership agreement is advisable.

Experienced corporate attorneys at our law firm will be happy to craft a Partnership Agreement that best suits the needs of your business.