The two basic forms of partnership in Texas are the general partnership and the limited partnership. General partnerships are governed by the partnership agreement and the Texas Revised Partnership Act, while limited partnerships are governed by the partnership agreement and the Texas Revised Limited Partnership Act. All partners are individually liable in a general partnership. With a limited partnership, the general partner is individually liable while the limited partners are typically protected against individual liability.
The firm has extensive experience in representing clients in the formation of partnerships, the negotiation of partnership agreements, and the drafting of such agreements. Issues that frequently need to be addressed in a partnership agreement include:
Additionally, the firm represents partners in disputes that may arise among the partners or with the partnership.