Maryland Business Partnership Lawyers
Our Business Partnership Lawyers Help Your Business
Creating a new business is an exciting endeavor. You have a vision. You have spent significant time planning. You have found the perfect business partner or partners. Now, it’s time to execute the plan and create an official business partnership. This is the first, and maybe most important, step in getting your business off the ground.
A business partnership is a legal relationship between people to share responsibilities and profits in a business. It establishes shared ownership and operation. Our lawyers for business partnerships in Maryland can help you create this agreement, and more.
If you are creating a business with one or more other people, contact our business partnership attorneys to learn about the process of formalizing the legal relationship: (443) 535-9715.
How Our Business Partnership Lawyers Can Help
Sound Advice at Any Stage
Our business partnership lawyers bring a unique understanding of partnership agreements to help form them, keep them alive, and dissolve them. We are client-focused problem solvers. At Lusk Law, LLC, we have a sophisticated practice and are well-versed in both avoiding and negotiating partnership disputes. That allows our business partnership attorneys to bring a personalized and strategic approach to your issues.
Regardless of whether you have an existing business or an idea for a new business, a business partnership attorney in Maryland can be your trusted ally. Call today to find out how: (443) 535-9715.
Our Business Partnership Attorneys Explain Why You Need a Formal Agreement
If you’re at the starting phase of your business endeavor, you may be wondering whether you need to create a formal business partnership and whether you need a business partnership lawyer to do so. There are several advantages to creating a legal agreement between business partners and to using a lawyer for business partnerships to do it.
A business partnership can be between two or more people. They agree to share not only profits but also losses and risks. Having a clear agreement can be the difference between creating a successful and profitable business or one that does not achieve its full potential.
No one can predict the future. This is why things like insurance exist; in case you get into a car accident, you have coverage for your vehicle damage and injuries to passengers. A formal business partnership agreement works the same way. It outlines the terms of the of the partnership and what each partner’s rights and responsibilities are.
Let’s say, for example, that two partners agree that equal participation and equal decision-making rights should be held. If they do not have an in-depth discussion and write formal foundational documents and agreements, the two partners may not exactly understand what the other person expects of them. This can lead to conflict and partnership disputes, which can then escalate to business dissolution, and litigation. Agreements are essential for clarity from the get-go.
You want to start your business off on the right foot and avoid misunderstandings before they arise. In order to do that, you need written partnership agreements.
Our business partnership lawyers help entrepreneurs write partnership agreements. Take advantage of our personal experience and let us do the same for you: (443) 535-9715.
Our Business Partnership Lawyers Advise Which Structure Fits You Best
After deciding to form a business partnership, you might not know what type of partnership best suits you. This is where a business partnership lawyer in Maryland can help. Our business partnership attorneys understand the ins and outs of each type of partnership structure. There are several options:
- Limited liability company (LLC)
- Limited liability partnership (LLP)
- Limited partnership (LP)
- General partnership (GP).
When you work with a business partnership lawyer, you will learn how the structures differ. Your Maryland business partnership lawyer will also help you understand the advantages of each structure for your business. Then, our business partnership attorneys will guide you in choosing the most appropriate business entity that matches your goals. Each structure will have different advantages to various aspects of the business. This is because the structures differ with regard to:
- State tax implications
- Federal tax implications
- Legal liability implications
- Individual personal responsibilities
- Business entity or collective partner responsibilities.
Business partners might each have their own idea regarding which is the best for the business. This is why it’s important to seek advice from an experienced business partnership attorney. Our Maryland business partnership lawyers can shed light on which structure will best help you accomplish what you want. Business partnership lawyers also serve to resolve conflict between partners when they can’t agree on a structure.
Call (443) 535-9715 for personalized advice regarding how you should structure your business.
Our Business Partnership Lawyers Handle the Paperwork
Your Maryland business partnership lawyer will not only advise you on types of partnership agreements, but will draft them as well. Drafting can be more complicated than it seems, because there are many considerations that need to go into an agreement.
For instance, you might want to detail the guidelines for running the business and provide for what would happen in the event of a business crisis. A partnership agreement can include terms for the following:
- Name of the business
- Monetary contributions of each partner
- Percentage of ownership
- The specific type of business structure
- Division of profits and losses
- Operating principles
- Withdrawal, death, or disability of a partner (business succession planning)
- How to add new partners
- Partnership dissolution
- Dispute resolution, and
Given the variety of provisions needed for a good partnership agreement, it is best to consult with a business partnership attorney. Depending on your circumstances, our business partnership lawyers can ensure that you have an agreement that withstands the test of time and anticipates all your business challenges.
A business partnership lawyer can also review an existing partnership agreement to ensure it includes all provisions necessary to avoid future hardships or legal complications. In this way, we can modify or add to existing agreements, including by expanding the current partnership base. Our business partnership attorneys are also well-equipped to review and draft third-party contracts you may need, such as for contract work or leasing property space.
Successful business partnerships require a variety of paperwork, from partnership agreements to financing documents and contracts. Call our Maryland business partnership lawyers today to learn more about the different documents we can assist with: (443) 535-9715.
Our Business Partnership Lawyers Advise on Other Partnership Matters
Perhaps you own an existing business, in which case you do not need a business partnership attorney to help with business formation. However, there are other ways a business partnership lawyer can help.
If the company’s existence is threatened or there is financial harm because of a partner’s actions, legal action may be necessary to protect the affected partner or the business.
Breach of Fiduciary Duty
Our business partnership lawyers in Maryland can assist when there is a suspected breach of fiduciary duty.
Business partners owe each other certain duties, known as fiduciary duties. They should act in the best interests of the business. If a business partner has breached one of these duties, legal complications can result.
Breaches usually occur when one partner acts in their self-interest to the detriment of the business or their partners. There are various actions that could qualify as a breach of fiduciary duties, including:
- Misappropriating business funds and property
- Competing with the business, and
- Fraudulent business practices.
Actions involving fraud, deceit, dishonesty, and misrepresentation are particularly concerning.
If you believe you or your business has been economically harmed by the bad faith business practice of another person or entity, contact the business partnership attorneys at Lusk Law, LLC today: (443) 535-9715.
Breach of Contract or Breach of Partnership Agreement
There are two sides to any partnership contract, and terms that must be met by each partner. A conflict can occur when one partner believes another is not meeting their obligations under the agreed terms.
Typically, the agreements spell out the rights, duties, obligations, and restrictions of all partners. The express terms could be breached. Sometimes, however, a term is not contained in the agreement, but one partner has an expectation or implied understanding of what the term says. When this happens, our business partnership attorneys in Maryland can work to resolve whether the terms were breached.
If you believe your business partner has violated the terms of a partnership agreement, either express or implied, call (443) 535-9715 for help from a business partnership lawyers.
Liability of the Business
The business entity may be liable for actions separate and apart from the partners and owners. There are certain business practices that the State of Maryland has prohibited. These can include:
- False claims on a product
- Price gouging
- Claiming used items are new
- Making false accusations about another business or competitor.
The State of Maryland is interested in protecting consumers, so businesses cannot engage in unfair or deceptive practices. If your business partnership or business entity is facing liability for its actions, you need an experienced advocate to represent you.
Call (443) 535-9715 today to discuss how a business partnership lawyer can assist in a case involving the liability of your business.
Dissolution of the Partnership
Ending a partnership can be complicated. Dissolving the business can have financial impacts for the well-being of the individuals involved. All partners have invested time, money, effort, and ideas into the business. Therefore, negotiating favorable options for all parties can be difficult. This is where the professionalism of our business partnership attorneys comes into play.
Our Maryland business partnership lawyers understand that many considerations must be made when dissolving a partnership, including:
- Dividing the company’s assets
- Protecting each partner’s investments
- Paying the business’ debts
- Valuing a partner’s input of time, experience, skills, and knowledge into the business’s success.
It is unfortunate that some businesses have to dissolve, and taking the steps to make it happen can be tricky. However, this can frequently be seen as a new opportunity for the individuals involved, especially if the steps are done properly.
If you are considering a business dissolution and need legal advice from a business partnership attorney, contact (443) 535-9715 today.
Sale of the Business
Dissolution is not the only legal change that can happen to a partnership. Another change that a business partnership attorney could be involved in is a sale. Selling sounds straightforward, but there are actually numerous potential outcomes that can make it complicated.
For example, one partner might want to buy another one out. This process could involve amending or creating a new partnership agreement. A third party might buy the entire business. This process could involve drafting and approving buy-sell contracts. Finding an equitable resolution in each of these cases requires the legal finesse of a business partnership lawyer.
Unfortunately, legal issues can come up unexpectedly. When you reach out, our business partnership attorneys will assess the needs of your enterprise and help you resolve the business challenges that face you.
We will work with you to find the most advantageous solution to protect you and your business. Contact Lusk Law, LLC, to discuss options for resolving your partnership dispute: (443) 535-9715.
Why Choose Our Business Partnership Attorneys
Your Business is Our Business
At Lusk Law, LLC, we can handle all your business legal needs at any stage of your business journey. Our business partnership attorneys work to ensure that solid partnership agreements form the foundation of a successful business. Our business partnership lawyers make lasting relationships with our clients, so that as the business grows, they have someone on their side to ensure things continue to run smoothly.
However, even when there are bumps in the road, our Maryland business partnership lawyers have the experience needed to tackle partnership disputes. Lusk Law, LLC can help advocate for partners and businesses that have been harmed by unfair, unethical, or bad faith actions of a business partner. Finally, our business partnership attorneys can help businesses stay afloat when they face liability, and can even help individuals dissolve or sell their businesses if the time comes. No matter your challenge, a business partnership attorney can find a solution.
At Lusk Law, LLC, we are Advocates for Life’s Obstacles and Opportunities.
If you’re facing a turning point in your business, whether on the beginning, middle, or end of the road, rely on the trusted and competent advice of a Maryland business partnership attorney: (443) 535-9715.
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