CATEGORY: Business Partnership Questions

Answers to Frequently Asked Business Partnership Questions

If My Husband and I Own Real Estate in a Partnership with Others and I Want Out, Can We Simply Create a Quitclaim Deed?

A completed Quitclaim Deed signed by all of the listed owners of the current deed could certainly be used to transfer the property ownership as desired.

For such a document see, Standard Legal’s Quitclaim Deeds package.

But transferring the property ownership from both spouses to one would not necessarily change the nature of the ownership within the Partnership. Continue reading If My Husband and I Own Real Estate in a Partnership with Others and I Want Out, Can We Simply Create a Quitclaim Deed?

How Do Potential Partners Determine the Value of Non-Cash Investment into a Partnership?

The monetary value of each partner’s “sweat equity” or other non-cash contribution to the Partnership can only be determined by the parties involved. The partners must make such a determination through their own internal negotiations. Outside counsel can be consulted to help make a fair determination, but in the end only the potential partners can agree as to what is suitable to their business arrangement. Continue reading How Do Potential Partners Determine the Value of Non-Cash Investment into a Partnership?

If I Start an LLC with a Partner Who Owes Child Support or Back Taxes, Can the Government Take Money from the Business?

Much of the ability of a government agency to easily seize or attach assets for issues like unpaid child support or unpaid taxes rests with the type of business structure created. Continue reading If I Start an LLC with a Partner Who Owes Child Support or Back Taxes, Can the Government Take Money from the Business?

Are Two Signatures Required to Validate Purchases or Operation Decisions in a Partnership?

In most circumstances, day-to-day operational matters do not require the signatures of both parties in a Partnership — unless such a two-signature clause is created specifically within the initial Partnership Agreement or as a condition within a specific vendor contract, in advance.

See complete details on Standard Legal’s Partnership Agreement legal forms software here.

Can an Individual Lease Property to a Partnership While Also a Member of that Partnership?

Yes, an individual can enter into a lease agreement with a Partnership and also be a member of that Partnership.  But be aware that one particular issue may arise and needs to be covered in one of the legal documents relevant to this set up. Continue reading Can an Individual Lease Property to a Partnership While Also a Member of that Partnership?