What Are Partnerships?

General partnerships can be formed in Florida without filing any documents with the Florida Division of Corporations. But it is almost always advisable to do so because that is the only way for partnerships to elect limited liability and become a limited liability partnership LLP. Otherwise, the partners of the general partnership are personally liable for the partnership debts.

Limited partnerships are different from limited liability partnerships because they must have at least one general partner and one limited partner. A limited partnership is formed in Florida by filing with the Florida Division of Corporations.

But forming the partnership is just the first step. There are other legal documents to be prepared, such as the partnership agreement, and there are accounting and tax matters to deal with.

After a partnership is formed, it must file tax returns, hold meetings, and file annual reports. If it fails to do this, it might be dissolved or disregarded by the courts as a legal entity. This could result in the partners having liability for the debts of the partnership. This is problematic because one of the primary reasons for partners s to form a LLP or LP is to limit their liability to what they paid for their partnership interest.

Pinellas County business attorneys assist in forming and maintaining the legal existence of Florida partnerships, limited liability partnerships LLPs, limited partnerships LPs, and limited liability limited partnerships LLPs.