Business
Business Partnership Agreement
Texas
Business partnership agreement for short projects?
I am looking to start a business partnership with another individual. We are both interested in working together on short-term projects, but we want to ensure that our partnership is legally binding and properly structured to protect both of our interests. We have discussed the details of our agreement, but I would like to have a lawyer review the agreement to ensure that it is legally sound.
1 Attorney answer
Answer
Business
Texas
Jimmy V.
ContractsCounsel verified
In a partnership, each of you is liable for all debts of the partnership. Your personal assets are at risk if anything goes wrong. You should set up as a limited liability company. That way, only the LLC can be liable, and you will not be personally liable. To se up an LLC, you need a filing with the state, an Operating Agreement, and an Employer Identification Number from the IRS. The Operation Agreement is, in effect, a partnership agreement. I offer flat fee packages for these services. Thx. JV
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