Lawyer for Business Partnership

Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 4,009 reviews

Jump to Section

Need help with a legal contract?

Post Project Now

Post Your Project (It's Free)

Get Bids to Compare

 Hire Your Lawyer

A lawyer for a business partnership involves creating a formal agreement involving two or more parties to manage and operate an organization. It also helps determine the ownership of a particular business. The partnership may happen between two individuals, two business organizations, or among the people involved within an organization.

A business partnership begins with a legal agreement signed between two different entities to form a new venture or share an existing one. You may wonder who drafts the legal agreements or solves related complications. The explanation is a lawyer for business partnerships who specializes in guiding individuals and organizations to create or modify agreements.

Who is a Lawyer for Business Partnerships?

A lawyer for business partnerships is a person who assists two parties in deciding on a specific business structure, its ownership, and operations by drafting a legal document. The signed document further helps meet the specific needs of a business. Lawyers for business partnerships also help individuals and organizations review partnership agreements to ensure they include all provisions necessary to avoid future hardships or legal complications.

What Does a Lawyer for Business Partnerships Do?

A lawyer for business partnerships provides legal advice and services related to starting new ventures, operating existing ones, or moderating existing rules and provisions included in an agreement. Here is a list of roles and responsibilities associated with a lawyer for business partnerships.

  • Provide Advice on Partnerships

    Partnerships happen between two or more individuals who wish to conduct a joint business venture. A professional lawyer helps the parties consider the responsibilities inherent to their partnerships. The lawyer also discusses individual situations with either party and helps them understand what they can receive from the partnership that positively impacts the business.

  • Draft Partnership Agreements

    The lawyer helps collate all agreements into a legal document that will record the rules and provisions related to the business. Discussions and decisions are inevitable when considering a business partner or expanding a current partnership base. It is where a lawyer for business agreements comes to the rescue. The professional attorney can help draft partnership agreements by seeking the required provisions from both parties.

  • Resolve Partnership Disputes

    Disputes may arise regarding partnership operations, product distribution, revenue generation, etc. A lawyer can assist both parties in resolving disputes that may arise with or without partnership agreements. It enables everyone to work in sync through the details of specific business agreements.

What are the Benefits of Hiring a Lawyer for Business Partnerships?

A lawyer for business partnerships takes care of all legal documentation that may require two entities to reach an agreement. Here is a walkthrough of the incredible benefits of hiring a lawyer for business partnerships.

  • Decide on Suitable Business Structures

    A lawyer helps members settle for the correct business structure, which is imperative and helps avoid legal issues. The attorney also helps to understand the tax obligations and liabilities to draft an efficient business structure.

  • Draft Contracts

    Every business partnership includes contracts between two or more entities. A lawyer can help review and moderate the contracts and make amendments wherever necessary. The lawyer can also help ensure that the contract is in favor of the client and incurs benefits in the long run.

  • Specialization in Specific Areas

    A lawyer for business partnerships is proficient in handling corporate affairs and helps clients get the desired results. Attorneys with hands-on experience in business-related issues are the best resort to formulate flexible agreements with appropriate amendments.

When should I Hire a Lawyer for Business Partnerships?

You can hire a lawyer for business partnerships at different stages. If your organization has yet to reach an agreement or partnership deal, then you don't need to hire a professional lawyer. However, if your organization is ready to strike a new partnership deal that is on the verge of getting finalized soon, you can seek legal help immediately.

You must hire a lawyer for business partnerships when you and the other partner are ready with a memorandum for the upcoming agreement or contract. You may also consider hiring a lawyer if you want to moderate your existing business agreements and incorporate new rules and amendments. The lawyer for business partnerships may further assist you with regulatory or litigation issues in court.

Meet some lawyers on our platform

Michael M.

169 projects on CC
View Profile

Kristen R.

40 projects on CC
View Profile

Justin K.

3 projects on CC
View Profile

Todd H.

2 projects on CC
View Profile

Key Terms Related to Business Partnerships

Business partnerships are similar to sole proprietorships and benefit both parties regarding resources, revenue, profits, and skills. However, it is necessary to know the key terms related to business partnerships to work closely with the lawyer and reach a fair agreement over specific deals.

Here is a list of key terms related to business partnerships.

  • Partner: One of the partnership members who describe themselves as an agent and acts as the legal representative for either of the co-partners.
  • Silent Partner: An individual who takes an active role in the operation of partnerships but is not disclosed to the public.
  • Limited Partner: An individual who may not be known to the public and does not participate in the day-to-day business operations and management of the partnership.
  • Bankruptcy: It results in the dissolution of a partnership unless the agreement specifies otherwise.
  • Capital Account: It is the ledger of a balance sheet of the partnership that sets out the capital contribution amount and current balance.
  • Current Account: It keeps a record of the profits and distributions made to a member or partner after considering debts and other balances.
  • Class of Partners: The class of partners includes fixed share members, equity partners, and salaried partners or members.
  • Corporate Partner: It is an incorporated corporation that is also a partner in a partnership that takes its share of profits on corporate tax and revenue drawings.
  • De-equitization: The process includes LLP agreements or partnership agreements and equity from partners because of failures or lack of performance.
  • Dissolution: It is the process of ending a business partnership that also includes collecting assets and paying liabilities.
  • Draws: Business partners or members do not get wages or salaries like regular employees. They receive a share of the business profits called draws.
  • Equity: It is the fair market value of a partner's share in the business that does not reflect in the capital.
  • Equity Partner: A member with a share in the partnership profits and full voting rights.
  • Expulsion: It is the process where a member gets expelled from the partnership.
  • Fixed Share Member: An individual who receives a fixed share of profits in a business partnership.
  • LLP Agreement: An agreement that dictates the relationship between a limited liability partnership and its members.
  • Retirement: It is the technical name given to a member who leaves a partnership or LLP. It does not have any similarities with the word 'retirement' used in general terms.

In A Nutshell

A lawyer for business partnerships guides clients in creating, modifying, and negotiating agreements. The attorney ensures that both parties negotiate the terms and conditions before drafting a final partnership agreement to avoid future legal complications. If you want to start a new business partnership, try working with experienced professional lawyers who can guide you with legal documents and necessary procedures.

Visit ContractsCounsel and seek legal assistance from the best lawyers of business partnerships to ensure your deal ends efficiently. Post a project on the official website and connect with the best professional lawyers in town!

How ContractsCounsel Works
Hiring a lawyer on ContractsCounsel is easy, transparent and affordable.
1. Post a Free Project
Complete our 4-step process to provide info on what you need done.
2. Get Bids to Review
Receive flat-fee bids from lawyers in our marketplace to compare.
3. Start Your Project
Securely pay to start working with the lawyer you select.

Meet some of our Lawyers

Daniel R. on ContractsCounsel
View Daniel
5.0 (9)
Member Since:
January 2, 2023

Daniel R.

Business and Real Estate Atttorney
Free Consultation
Get Free Proposal
New York
27 Yrs Experience
Licensed in NY
New York Law School

NY Admitted Lawyer 20+ years of experience. Focused on Startups , Entrepreneurs, Entertainers, Producers, Athletes and SMB Companies. I have been a part of numerous startups as Founder, CEO, General Counsel and Deal Executive. I have been through the full life cycle from boot strap to seed investors to large funds-public companies to successful exit. Let me use my experiences help you as you grow your business through these various stages. We saw a market for an on-line platform dedicated to Virtual General Counsel Services to Start Ups and Private Companies.

Wendy C. on ContractsCounsel
View Wendy
5.0 (2)
Member Since:
January 18, 2023

Wendy C.

Attorney
Free Consultation
Get Free Proposal
Arizona
5 Yrs Experience
Licensed in AZ, TX
Arizona Summit Law School

Business transactions attorney who is well-verse in general corporate matters, fundraising, and negotiation in technology, blockchain, and consumer product industry

Adjckwc B. on ContractsCounsel
View Adjckwc
Member Since:
December 28, 2022

Adjckwc B.

Founder
Free Consultation
Get Free Proposal
New York
6 Yrs Experience
Licensed in NY
Florida A&M College of Law

A. Browne Esq. is an entertainment, intellectual property, and business lawyer. Her goal is always to provide the best legal representation for your creative endeavors, both tangible and intangible. Always know that the best way to deal with legal issues is to take measures to avoid them. Learn how to protect your creative work at a law firm that’s passionate about ensuring that creatives own their stuff.

James M. on ContractsCounsel
View James
Member Since:
January 5, 2023

James M.

Owner/Founder
Free Consultation
Get Free Proposal
Boise, Idaho
5 Yrs Experience
Licensed in CA, ID, OR
Stanford Law School

Reproductive law attorney focused on reviewing surrogacy contracts and sperm/egg/embryo donation contracts.

Christopher N. on ContractsCounsel
View Christopher
Member Since:
January 11, 2023

Christopher N.

Managing Partner
Free Consultation
Get Free Proposal
Philadelphia
25 Yrs Experience
Licensed in PA
Widener University Commonwealth School of Law

Christopher Nuneviller has practiced in the securities, venture capital, corporate and emerging business sectors, and as a contract-advisor to the federal government, a federal government senior level executive, and as Army Judge Advocate. Like you, he also he is a partner in other business ventures and faces the same pressure to succeed, be profitable, and stay sane, all while making his clients, employees, family and business partners happy. As the managing partner for Philadelphia's MNB Meridian Law, Ltd., his focus is on assisting small and mid-sized businesses grow and thrive. As a business generalist, Christopher provides advice and counsel to businesses, their owners, investors and shareholders on matters ranging from formation, organization, governance, routine and special operations, and growth toward IPO. Christopher is also a former U.S. Army Judge Advocate having served seven years in Washington, D.C. where he gained significant experience with "above the fold" matters of great import and an unhealthy insight into the internal workings of the "beltway" underbelly. Mr. Nuneviller is admitted to practice in the Commonwealth of Pennsylvania, and before the Supreme Court of the United States, the Court of Federal Claims, and the Court of Appeals for the Armed Forces.

Patrick N. on ContractsCounsel
View Patrick
Member Since:
January 19, 2023

Patrick N.

Attorney at Law
Free Consultation
Get Free Proposal
Massachusetts
6 Yrs Experience
Licensed in MA
Suffolk University Law School

Before attending law school, I had a prior career in business performance reporting. This experience differentiates me from other attorneys. I can readily read, interpret, and synthesize financial reporting. I also have a passion for legal research and writing.

Dayton M. on ContractsCounsel
View Dayton
Member Since:
January 18, 2023

Dayton M.

Attorney
Free Consultation
Get Free Proposal
Morgantown
1 Yr Experience
Licensed in WV
West Virginia University College of Law

Business Law - Criminal Defense - Immigration

Jonathan M. on ContractsCounsel
View Jonathan
Member Since:
January 19, 2023

Jonathan M.

Attorney
Free Consultation
Get Free Proposal
Charlotte, NC
13 Yrs Experience
Licensed in NC, SC, VA
Charlotte School of Law

Owner and operator of Meek Law Firm, PC. Meek Law Firm provides comprehensive business law representation, precise and informed representation for real estate transactions in the commercial and residential markets of North and South Carolina and efficient succession and estate planning for business owners and individuals.

David A. on ContractsCounsel
View David
Member Since:
January 24, 2023

David A.

Family Lawyer
Free Consultation
Get Free Proposal
Florida
41 Yrs Experience
Licensed in FL
University of Florida

Graduated UF Law 1977. 40 years experience in Family Law/Divorce and Prenuptial Agreements. Rated "AV Preeminent" By Martindale Hubble, the oldest lawyer rating firm in the USA. Top 5% of attorneys in Florida as reviewed by Judges and other Lawyers (not client reviews). Personal prompt service and easy to contact--available 24/7. Good negotiator and very personable. My clients are my priority.

Judi P. on ContractsCounsel
View Judi
Member Since:
January 27, 2023

Judi P.

Attorney
Free Consultation
Get Free Proposal
New Mexico
3 Yrs Experience
Licensed in NM
Arizona Summit Law School

Driven attorney with a knack for alternative dispute resolution, real estate, corporate law, immigration, and basic estate planning, with superb people skills and high emotional intelligence, and for working smart and efficiently, as well as time and financial management skills to deliver excellent legal work and solutions to legal issues. Seasoned with 20+ years of law firm and legal experience (real estate/corporate).

Find the best lawyer for your project

Browse Lawyers Now

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call