If you are considering forming a new business partnership, congratulations! It’s an exciting time, but also a time during which you should make careful choices to avoid future issues. At Structure Law Group, LLP, whether you are creating a business partnership or a real estate holding, our Portland partnership attorneys are skilled at guiding clients through all aspects of general partnerships, limited partnerships and limited liability partnerships (“LLPs”). The firm prides itself on being dedicated and trusted advocates to its clients that include individuals and businesses of all sizes, ranging from startups to multi-national corporations.
Starting a Business in the Portland AreaWhen forming a Portland partnership, it’s critical that you choose the correct business entity and structure to avoid liability down the road. The firm’s attorneys have personal experience in partnerships, so we use this knowledge to apply practical counsel and advocacy to our clients who are interested in forming or investing in partnerships or LLPs.
Clearly defined contractual obligations can prevent costly partnership disputes down the line. A business partnership lawyer at SLG can help you draft your articles of incorporation, file all necessary documentation with the government, and register your intellectual property.
Documents will typically be filed with the following entities:
A clearly crafted partnership agreement defines the terms under which partnership assets can be used as collateral for loans, nondisclosure agreements, and non-compete agreements.
It is critical to have a clear and effective Operating Agreement in place to protect a company against the potential for future disputes between partners. An Operating Agreement will also help shield partners from liability. When forming a partnership, we’ll analyze your business's needs, and look at the partners' relative interest in involvement with operation and management of the business. We will also ask about the size of contribution from each partner's investment.
Breach of Fiduciary DutyFiduciary duties, as defined under the law, require an individual to act in the best interests of another individual or company. Lawyers have a fiduciary duty to act in the best interests of their client while partners have a fiduciary duty to act in the best interests of their partnership. If a partner breaches their fiduciary duty to your company, you may need to seek remedy in court.
Issues that arise from fiduciary breaches include:
Partners almost always see eye-to-eye at the beginning of a venture, but over time, interests can diverge. In those cases, a clearly-defined partnership agreement can save both parties a lot of emotional and business capital. However, clearly defined partnership agreements don’t always exist.
For this reason, it is always best to have a solid partnership agreement in place at the beginning of the venture. Structure Law Group, LLC has experience drafting ironclad partnership agreements that ensure the interests of both parties and the partnership.
Dissolving a PartnershipMany partnerships eventually run their course and a business decides to form as a different entity. At this stage, the lawyers at SLG are ready to provide legal guidance dissolve the partnership and prepare for the next phase.
At this point we work with management to recommend the most appropriate legal remedy such as converting to an LLC or a corporation, dissolution, or sale of the partnership. If the business entity is changing due to a possible merger or acquisition, we’ll work with our client to make sure that all records are in order to maximize value.
Talk to Portland Business Partnership Attorney TodayStructure Law Group, LLP solves complex problems in a pragmatic and effective fashion. We pride ourselves in being devoted and trusted advocates and advisors for our clients. Whether you are looking to legal advice regarding the choice of a business entity, are ready to restructure a partnership, are facing disputes or ready to dissolve, the attorneys are Structure Law Group are ready to solves complex business problems in a pragmatic and effective fashion.
Call SLG today at (503) 388-3000 to discuss your needs with a seasoned business attorney and we can lay the groundwork for your company’s future.