Skokie Business Partnership Lawyer

Chicago LLP Attorney

Since founding our firm in 1971, the attorneys at Simon, Lapidos & Uhler, LLC, have helped many business owners with important start-up issues. We provide learned counsel on business law and business entity choices, including corporations, LLCs, and partnerships.

An attorney at Simon, Lapidos & Uhler, can help you create a joint venture which serves your legal and business needs. We have been in business ourselves for more than 35 years, and are uniquely positioned to provide entrepreneurs and business people with skilled business and legal advice to help them realize their goals.

Partnership Formation

Partnerships, either general partnerships, limited partnerships or Limited Liability Partnerships, are fairly easy to set up, as long as the owners understand the advantages and disadvantages of this kind of business entity.

Unlike a corporation or LLC, each partnerin a general partnership or the general partner of a limited partnership is completely responsible for the company's business debt. If a partner in a general partnership contracts for goods or services, all the partners are responsible for repayment. Because of this, the attorneys at Simon, Lapidos & Uhler, LCC, recommend that you enter into an LLP agreement with someone you trust.

In a limited partnership only the general partners are responsible for the debts of the partnership while the limited partners are not although they may lose their investment in the partnership if the partnership has losses. In a limited liability partnership (used mainly for partners practicing a profession) the partners are liable for the debts of the partnership except partners who have not participated in an act giving rise to a malpractice claim by a fellow partner are not personally to liable for such claim.

Setting up the books is fairly straightforward, as a partnership is subject to IRS "pass-through entity" rules. Profit earned by the partnership is paid to the partners, who must declare it on their yearly income tax return. One of our attorneys can help you assess your business plan to help you determine if an LLP or LLC best suits you and your partner's goals.

For a consultation with a Skokie business partnership attorney, please call 847-329-7878, ext. 118 or contact us online. Our firm advises clients throughout the greater Chicago area, including the Northwest suburbs and the North Shore.

Our offices are conveniently located in Skokie, Illinois, near the intersection of I-94 and Old Orchard Road, just east of Old Orchard Shopping Center. You may schedule an appointment with a Skokie business partnership attorney during business hours, and evenings and weekends by special arrangement.