Seattle and Tacoma Business Partnership Attorneys

Creating a business partnership may seem like a fairly straightforward, friendly process. Two or more individuals agree to commit assets to the company in return for a percentage of ownership. Many small partnerships are entered into orally and never formally documented, which may lead to discord later. Business owners considering entering into a partnership should protect their interests and document all details of how the partnership will be run. Experienced legal counsel is essential to the formation of an effective business partnership agreement.

Types of Business Partnerships

A partnership is a fairly simple business structure. However, any time you share assets and liabilities with another person, the agreement should be well thought out and legally binding. Your first consideration is the type of partnership you will be forming: general or limited.

  • General partnership. General partnerships are the most common type of business with two or more owners. In a general partnership, partners all contribute assets to the business, receive profits, and also assume equal liability for debts. Regardless of which partner creates the debt, all partners are responsible for repayment.
  • Limited partnership. Limited partnerships differ from general partnerships in that partners do not all share the same liabilities. Most limited partnerships consist of at least one general partner and one or more limited partners. Limited partners share in profits, but are only responsible for losses up to the amount of their investment. These partners may be referred to as ‘silent.’
  • Limited liability partnerships. In Washington State, there are two more recognized partnerships that must be registered with the WA Secretary of State, limited liability partnerships (LLP) and limited liability limited partnerships (LLLP). These further protect partners from liability.

Choosing which type of partnership is right for your business is an important decision. An experienced business law firm such as Dickson Frohlich can help guide you to the best choice, and draft a partnership agreement that will protect your interests.

Dickson Frohlich: Business Law Professionals

If you are considering creating a business partnership, take the time to do it right. Making the terms of the partnership clear from the beginning will reduce friction and misunderstandings down the road.  The business law professionals of Dickson Frohlich will help you create a partnership agreement that protects all parties and works in the best interest of your business. To get started, CALL NOW for a FREE 15-minute consultation, with no further obligation. We look forward to working with you.

You can reach us at our Seattle office at 206-621-1110 or in Tacoma at 253-572-1000

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    Thomas L. Dickson

    Tom is an experienced litigator and the founding partner of the Dickson Frohlich. For over 30 years, he’s helped clients prevail in their real estate, construction, and business law matters.

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    Robert P. Dickson

    The core of Rob’s legal practice is civil litigation, with an emphasis on construction, real estate, and business law. He represents a wide range of clients, from large construction companies to individual homeowners.

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    Mark S. Johnson

    Mark’s legal practice focuses on civil litigation, real estate law, business law and family law. He works tirelessly to help his clients achieve the outcome they are looking for.

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    Daniel J. Frohlich

    Dan’s legal practice focuses on civil litigation, real estate law, business law and probate law. He has more than 10 years of experience as an attorney serving clients throughout Western Washington.

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    Chris Lindemeier

    As an associate at Dickson Frohlich, Chris practices in a wide range of areas, including business law, real estate law, civil litigation, and intellectual property law.

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    Daniel Pizarro

    As an associate at Dickson Frohlich, Daniel is active in the firm’s civil litigation department. His practice is mainly centered around real estate law, landlord-tenant law, construction law, and probate law.

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    Alexander Wisbey

    Alexander Wisbey comes to the firm with 5 years of experience as a litigator and trial attorney. He has first chaired several jury trials and has extensive experience handling arbitrations, mediations, depositions, and settlements.

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    George Knight

    George is an honors graduate of Emory University School of Law. While there, George served on the Emory Law Journal as an Articles Editor.

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    I can’t even tell you how much I appreciate this firm! These guys helped me through one of the most challenging legal situations I’ve faced in my life. Their skill and expertise literally saved my business. I’ve dealt with other counsel in the past but the Dickson firm was by far the most competent and tactful counsel I’ve ever received. I would recommend this group to anyone!

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