Unfortunately, the word “partner” is loosely used in general conversation. However, in today’s business world there are in fact very few true “partners”. Legally, one may only be either a general partner or a limited partner within either a general partnership or a limited partnership. General partners are liable to the outside world for any and all obligations of either a general or limited partnership. Conversely, limited partners have no such personal liability. Notwithstanding this fact, people commonly, and often mistakenly, refer to themselves as a partner of someone else.
Similarly, you must realize that neither a corporation nor a limited liability company has any partners; the former has directors, officers and shareholders (also known as stockholders), while the latter has only managers and members.
We have formed and properly organized many partnerships, corporations and limited liability companies. Let us assist you in this regard and protect you from the personal liability and exposure of a true “partner”.
