Choose an Irvine Business Attorney to Help You Form a California Partnership

September 15, 2017

California business partnerships are among the easiest and least expensive business entities to establish. Still, there’s much to be said for working with a business attorney since this can help your venture avoid many common pitfalls. For comprehensive guidance and legal advice, consult with an Irvine business attorney.

Starting a business partnership in California is as easy as two or more individuals shaking hands. However, it’s crucial to consider that even honest, well-intentioned business partners have found themselves in a contentious legal mess because they didn’t appropriately define their relationship. It is in the best interests of all parties to formalize their agreement with the help of a California business lawyer.

An essential first step for any new partnership is choosing a name for the venture. The name may consist of the partners’ surnames or may be a fictitious business name. If the partners decide to use a fictitious name, then they may want their attorney to conduct searches in the databases of the California Secretary of State and the U.S. Patent & Trademark Office. This ensures that the partnership’s name is not confusingly similar to an existing business name. Then, it is necessary to file the fictitious business name in the office of the county clerk. Once again, your business attorney can handle this transaction for you.

Any great partnership is built on well-drafted agreement. This partnership agreement can set any number of boundaries, restrictions, responsibilities and rights for each of the partners. Clauses concerning how to handle the death or withdrawal of a partner, the allocation of profits and losses and voting rules can all be included. A solid agreement can avoid a multitude of problems down the road, and it is possible to amend the agreement should that become necessary.

A new partnership may also need to obtain applicable permits and licenses as well as an employer identification number. In fact, it can seem like there’s no end to the paperwork and the red tape that stand in the way of getting a new business venture off the ground. However, that’s where the services of the Irvine business attorney become truly invaluable as they can handle these matters on behalf of the partnership.

Contact Fitzgerald Yap Kreditor LLP at (949) 788-8900 to learn more about California business partnerships.