Skip to content
Law Offices of Ralph Nichols, Jr., PC Logo
  • Divorce & Family Law
    • Divorce Lawyers
    • Collaborative Divorce
    • Military Divorce
    • Equitable Distribution – Military Divorce
    • Equitable Distribution
    • Child Custody Lawyers
    • Child Support
    • Spousal Support
    • Emergency Protective Orders
    • Children in Need of Services (CHINS)
    • Juvenile Criminal Law
    • Paternity
    • Taxes
    • Credit Issues
  • Wills, Trusts & Estates
    • Powers of Attorney
    • Guardianships and Conservatorships
    • Wills and Estates
  • Corporate & Business Law
    • Corporations
    • Limited Liability Company
    • Partnerships
    • Business Sales and Purchases
    • Civil Suits
  • Consultations
  • Attorney Bio
  • News & Info

Partnerships

Home/Corporate & Business Law/Partnerships
Partnershipsbeharris2020-04-18T13:43:30-04:00

What if I Want to Form a Partnership?

Generally, any two or more individuals who agree to contribute money, labor, property, or skill to a business, and who agree to share in profits, losses, and management of that business are considered to be a partnership. You can choose to have a general partnership or a limited partnership.

For a practical matter, it makes sense to have a written Partnership Agreement formed which spells outs basic issues such as:

  • How much and what kind of property each party will contribute
  • What value will be placed on the property
  • How profits and losses will be divided
  • When and how profits will be withdrawn
  • Whether or how certain partners will be compensated for their services to the partnership or for making capital available to the partnership
  • What happens when changes of an interest in the partnership occur

In the case of limited partnership and limited liability companies, an Operating Agreement must be formed to address the above-referenced issues as well as many other issues.

Free Initial Consultation

(757) 548-0232

Contact

    Location

    1403 Greenbrier Pkwy, Suite 150 Chesapeake, VA 23320

    Nichols Law, Attorneys & Lawyers, Chesapeake, VA

    Information

    Ralph E. Nichols, Jr., Esquire
    Law Offices of Ralph E. Nichols, Jr., P.C.
    1403 Greenbrier Parkway, Suite 150
    Chesapeake, VA 23320
    Phone: (757) 548-0232
    E-mail: ralphnicholspc@cox.net

    Visa, Discover, and MasterCard accepted.

    SERVICES AND SERVICE AREAS

    The Law Offices of Ralph Nichols, Jr. P.C. provides family law, divorce and separation services, child custody representation, business formation and operating agreements, Wills, Trusts, Estate Lawyer services and more to the Hampton Roads areas of Chesapeake, Suffolk, Norfolk, Isle of Wight, Portsmouth, Newport News, Hampton, Poquoson, Williamsburg and surrounding areas.

    Disclaimer
    I cannot answer e-mail questions due to a possible conflict of interest. For example, e-mails can come from various sources and to give advice in a dispute is a conflict of interest if conflicting parties contact me.
    The answers to these questions do not constitute legal advice, nor do they constitute the formation of a client-lawyer relationship, but are provided for general information purposes only and should not be understood as a substitute for personal legal advice. Therefore, until an attorney-client relationship is formed through a Retainer Agreement, visitors’ information may not be kept confidential, or prevent representation of an adverse party.
    Ralph E. Nichols, Jr., Esquire, a professional corporation. All rights reserved.
    Page load link
    Go to Top