Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law

How do I know what kind of partnership to form to limit the

Customer Question
liability of myself and my...
How do I know what kind of partnership to form to limit the liability of myself and my partner? We both live in Idaho and the brick & mortar store will be in Idaho.
Submitted: 1 year ago.Category: Business Law
Show More
Show Less
Ask Your Own Business Law Question
Answered in 2 minutes by:
7/20/2016
Business Lawyer: Loren, Attorney replied 1 year ago
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 35,826
Experience: 30 years experience representing clients .
Verified

Good afternoon. I am Loren,a licensed attorney, and I look forward to assisting you.

A general partnership does not limit the liability of the partner. A limited partnership protects the limited partners from liability, but there must be a general partner and they have general liability.

To truly protect yourselves from liability for business obligations you will need a corporation or limited liability company.

Ask Your Own Business Law Question
Customer reply replied 1 year ago
Can we form an LLC with just 2 members?
Business Lawyer: Loren, Attorney replied 1 year ago

Yes, you can form an LLC with even 1 member.

Ask Your Own Business Law Question
Ask Loren Your Own Question
Loren
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 35,826
35,826 Satisfied Customers
Experience: 30 years experience representing clients .

Loren is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
I have a business partnership, and we I have agreed to not
I have a business partnership, and we I have agreed to not do external business in the area where our partnership is doing business. As our partnership produces products, they could easily create new … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
My business is registered in Delaware as an LLC with a
Hi Pearl, my business is registered in Delaware as an LLC with a partner. My partner is no longer with the company. I would like to move the business to PA where I live. I am also changing the name of… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
987 satisfied customers
I need help with a business partnership dissolution. I can
I need help with a business partnership dissolution. I can give a detailed account of what I am asking on this or should I wait until I am connected with a lawyer?… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
I have a Tennessee corporation LLC that is being sued in
I have a Tennessee corporation LLC that is being sued in Colorado. If they want to pierce the veil of the LLC do they have to pursue that in Tennessee or can they do that in Colorado? … read more
Ray
Ray
Lawyer
Doctoral Degree
30,843 satisfied customers
I am in a limited partnership and all of the utilities are
I am in a limited partnership and all of the utilities are in my partners name. We have fuel cards for our trucks also. They are in his name. I own four of the 18 wheelers in the Fleet myself and my p… read more
Alex Esquire
Alex Esquire
Managing Attorney
Doctoral Degree
153 satisfied customers
Is there a rule which requires that a corporation (or LLC)
Is there a rule which requires that a corporation (or LLC) must have a lawyer in a civil case?… read more
Damien Bosco
Damien Bosco
3,386 satisfied customers
The 60% business owner to an LLC with no articles of
the 60% business owner to an LLC with no articles of organization, has done things that makes all of us want to separate. however the 40% owners hold all MHIC licenses. Can the 60% just move the compa… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I am the 20% owner of an LLC partnership and my partner
I am the 20% owner of an LLC partnership and my partner (super majority) has not paid me for work done in 12 weeks. Our business agreement states that a member can resign with written notice but I wan… read more
KJL LAW
KJL LAW
Juris Doctorate
1,756 satisfied customers
I have a LLC business in the state of Texas. It is currently
I have a LLC business in the state of Texas. It is currently a sole proprioter. If I want to add 2 partners do I need to change it to a corporation? Or can I leave as is and just generate an agreement… read more
Ray
Ray
Lawyer
Doctoral Degree
30,843 satisfied customers
I am in a Partnership LLC in PA and my business partner has
I am in a Partnership LLC in PA and my business partner has never paid me her share of the initial purchase of inventory as I paid for it on my personal credit card. Since she has never paid if it her… read more
LegalGems
LegalGems
Juris Doctorate
10,686 satisfied customers
Converting my llc business to a c corporation and looking
Converting my llc business to a c corporation and looking for a lawyer to sign the paperwork … read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,698 satisfied customers
I have a limited partnership with the general partner
I have a limited partnership with the general partner interest being held by a trust. I am the only trustee. I want to turn the trust over to my daughter. My thought is to "appoint" her a trustee of t… read more
Damien Bosco
Damien Bosco
3,386 satisfied customers
In State of Mississippi does a limited partnership
In State of Mississippi does a limited partnership automatically dissolve if the sole general partner resigns without giving the limited partners the required notice required under the limited partner… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
In state of Alabama; A limited partnership contains
In state of Alabama;A limited partnership contains following provision:The limited partners may withdraw the general partner for no consideration upon 60 days written notice and general partner will t… read more
N Cal Atty
N Cal Atty
Doctoral Degree
59 satisfied customers
Can a managing member of a limited partnership also be a
Can a managing member of a limited partnership also be a limited partner … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Question: Is a "general" partnership formed for the purposes
Question: Is a "general" partnership formed for the purposes of renting residential property not "transferred" to the partnership, required to be registered by the Division of Corporations under Flori… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,089 satisfied customers
I have a limited partnership filed in 1993. I have never
I have a limited partnership filed in 1993. I have never been asked for my Exhibit A prior to a current real estate deal by a title company. When I found my exhibit a the contribution of capital porti… read more
Amadeo Rivera
Amadeo Rivera
JD
82 satisfied customers
My roommate and I would like to start a general partnership
My roommate and I would like to start a general partnership so that we can make money together on projects we collaborate on as well as still do our own freelance work. However, the developer lives in… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x