Business Formation
  Overview
  Sole Proprietorships
  Corporations
  General Partnerships
  Limited Partnerships
  Limited Liability Partnerships

  Limited Liability Companies

 
Our seminars will help you understand critical legal issues that affect your business.
 
Construction Collections
Advanced Collections

 
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Important Changes to California Construction Forms Beginning on July 1, 2012: The Impact of 2010 Senate Bill 189
 
Ten Tips for Construction Creditors 

 
Who is a “Subcontractor” for Purposes of Mechanics Lien, Stop Notice and Payment Bond Claims?
 

Business formation in California | attorneys / lawyers in Sacramento

Limited Partnerships

A limited partnership has one or more “limited partners” and one or more “general partners.” Limited partners are individuals who do not participate in the control of the limited partnership and who are not generally personally liable for the debts of the limited partnership. General partners are individuals who do actively participate in the control of the limited partnership and who are fully liable for the debts of the limited partnership.

Limited partnerships are generally required to utilize a limited partnership agreement. Although such an agreement can be oral, we strongly recommend that the agreement be written. Like a general partnership, the limited partnership is generally not subject to federal or California income tax. Most limited partnerships choose to be taxed as general partnerships, where each individual generally pays taxes on his or her income from the limited partnership. A limited partnership is also subject to an annual franchise tax fee imposed by the State of California.

At Porter Law Group, we’ll help you analyze your business and personal needs, explain the pros and cons of various structures, and help you decide which business structure may be best for you. We’ll help you move your business forward with timely and valuable legal guidance.