A general partnership can be formed by two or more people doing business together. While it does not require an agreement to be in place, it is recommended that anyone operating as a general partnership have a partnership agreement. Such an agreement will control how the partnership is operated, how debts and assets are managed, decision-making, etc. Income, losses, and the like in a general partnership pass through in proportion to each partner’s ownership. There is no limited liability in a general partnership and the partners are subject to personal liability for all obligations of the partnership, regardless of their percentage of ownership. A business lawyer in Monroe, NC can help you through the process if you are looking to form a general partnership.

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As many of you are probably aware, the Governor has issued a stay at home order beginning today at 5 pm. As an essential business, we will remain open to serve our clients. During this time, many people will face legal challenges and be in need of services regarding issues such as divorce and child custody, estate planning, business law and real estate matters. We are here to help. In order to follow social distancing protocols, we are offering phone and video conferences and innovative solutions to sign your essential documents in a safe manner. We are all going through a difficult time and things are rapidly changing, but Perry, Bundy, Plyler & Long remains here for you.