Tag: limited liability
5 Ways a Business Can Benefit From a Partnership Agreement
Posted on January 12, 2024
A partnership agreement is a legal document that outlines the rights, responsibilities, and obligations of each partner in a business venture. It serves as a crucial foundation for any successful partnership, providing clarity and protection to all parties involved. If you are considering entering into a business partnership or already have one in place, it is essential to understand the benefits that come with having a well-drafted partnership agreement. An attorney with experience in business law can help you create a partnership agreement that meets your needs. By establishing an […]
Naperville Business Lawyer Discusses the Difference Between a Limited Liability Company and a Limited Liability Partnership
Posted on January 27, 2020
If you are planning on starting a business, you will need to decide what type of business entity is right for you. The type of business structure you choose will influence nearly every aspect of your business, so it is important to do your research and select the type of business structure that best meets your needs. The most common types of businesses include partnerships, sole proprietorships, corporation and S corporations, limited liability companies and limited liability partnerships. Each of these business structures come with different legal implications and tax […]
Know the Risks of a Personal Guarantee for Your Business Loan
Posted on July 22, 2015
For many small business owners, especially those who are just starting out, avenues for raising operating capital may be rather limited. If you are in such situation, you may have no choice but to apply for loan that requires you to offer a personal guarantee of its repayment. Over the years, many of my clients have come to me asking about the potential pitfalls of personally guaranteeing a loan, and while a personal guarantee business loan may be necessary, you should certainly understand what may be expected of you. Personal […]
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