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General Partnerships are for (Dummies) the Uninformed

| Oct 26, 2010 | Uncategorized

There are (at least) two reasons why you should never get into a general partnership. First, you have unlimited personal liability for your partner’s acts of varying stupidity. When the partnership insurance can’t or won’t cover the damages, there’s no doubt that the creditor’s and plaintiff’s attorneys will come after your personal assets, especially if you have the deepest pockets. Second, there are at minimum three much better alternatives to use that provide liability protection, and we’re certain everyone can think of at least two of those.

As a litigation-weary client once remarked, “Partnerships are sinking ships.” Don’t be a creditor and plaintiff’s dream, look for other ways to structure your business relationship: start a corporation or start an LLC.

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