Partnership
Petock & Petock, LLC has extensive experience advising clients with respect to partnerships. A partnership is a business association of two or more persons whereby the terms “persons” is defined broadly to include individuals, corporations and even other partnerships. A partnership can be formed as a result of any persons agreeing to do business together and there are no formal requirements regarding that agreement such as a requirement that it be in writing. As a result it is sometimes the case that a partnership is formed without the participants even being aware that they have entered such a relationship. This is especially significant because as a general rule partners in a partnership will be personally liable for torts committed by the partnership or its agents. It is highly advisable that two or more persons considering doing business together enter into a partnership agreement which often defines among other things the rights and obligations of the individual partners, how profits and losses will be shared and what happens if the partnership is terminated.
We are experienced in all facets of partnership law and is ready to assist you with your business needs.
