Helping Small Businesses to Overcome the Complexities of Colorado Limited Partnership Law.
Operating a partnership business entity in Colorado often involves personal rights in addition to corporate obligations and its legal rights. Corporate members often run afoul of their obligations to their business partners and to the company itself simply because they don’t them. This can be disastrous and costly.
At the Denver law firm of Watson & Associates, LLC we offer experienced limited liability partnership and business lawyers that understand the various disputes that can lead to expensive litigation. We provide a wide array of corporate legal services.
Limited Partnerships Law and Partnership Business Attorney Services
We provide a wide array of corporate legal business services including:
- Developing Colorado partnership agreement,
- Help with personal liability disputes,
- Business formation and dissolution,
- Limited liability companies,
- Business contract law services,
- Providing legal advice about each partner’s obligation to the business and to each other.
- Litigation and defense representation in partnership business disputes.
To speak with a Colorado partnership law attorney, call 720-941-7200 — Free Initial Consultation.
Our clients come from various industry groups. Understanding limited partnership law in Colorado also requires business partners to understand the regulatory compliance aspect of the partnership. As business formation attorneys in Denver, we understand the importance of having a well-structured business partnership agreement, and the risks involved if owners have to resort to the Uniform Partnership Act, which Colorado follows.
Partnership Definition & Meaning?
A business partnership is generally defined as two or more individuals or businesses who conduct business for a profit. In Colorado, a limited partnership is formed when business partners operate a business or somehow jointly form the business but when one of the partners on has limited liability to the extent of his or her financial investment. Limited partners, however, do enjoy the benefit of receiving dividends but they do have access to income flow and expenses. One of the great benefits is that under a limited liability partnership business structure, the partners and business owners are not liable for business debts.
General Partnership and Personal Liability in Colorado
When you form a general partnership business in Colorado, your personal liability is limited as to the obligations, liabilities, and business debts. However, the General Partner does not escape personal liability when he or she is negligent, acts wrongful or there is misconduct. In certain situations, creditors can establish personal liability by trying to “pierce the corporate veil.”
At Watson & Associates, LLC our Denver lawyers provide legal advice and guidance to businesses before problems arise. We serve as outside counsel to small businesses and allow direct access for immediate response.
Partnership Agreement Matters
Having an effective business Partnership Agreement is one of the most valuable investments that you can make. A partnership agreement is a contract between the business partners that sets forth the legal obligations and duties of each other and to the partnership entity.
At Watson & Associates, LLC, our partnership business lawyers develop the details in a way that business owners understand how to handle situations and problems as they arise. Before engaging our attorneys to draft your partnership agreement it would be helpful to let us know: (1) the contribution of each partner to the business partnership (2) allocation of respective profits and losses, and any draws (3) managing and decision-making duties, and (4) voting rights.
You should at least agree upon these basic things before we start drafting your partnership agreement.
Statewide Legal Business Solutions & Business Partnership Law & Litigation Support
Our Colorado business partnership attorneys serve communities of Denver, Boulder, Aurora, Pueblo, Lakewood, Fort Collins, Englewood, Littleton, Arvada, Brighton, Longmont, Littleton, Centennial, Parker, Castle Rock, Larkspur, Colorado Springs, Greeley, Northglenn, Golden, Breckenridge, and Aspen, Jefferson County, Adams County, Arapahoe County, Boulder County and Douglas County.
Additional Partnership Law Information
- Read more relevant information about a limited liability partnership versus a general partnership.
- Find out more about breach of contract remedies.
- Learn more about forming a limited partnership in Colorado.
Call Our Denver Colorado Partnership Business Lawyers
To avoid litigation costs to your business’ limited partnership company, contact a Denver business partnership law attorneys at Watson & Associates, LLC to draft your partnership agreement or litigate your corporate disputes. Call 1-866-601-5518 for a FREE initial consultation.