Legal Question in Business Law in California
How does a co-partnership agreement differ from a general partnership agreemnet?
I am about to enter into a partnership with another person
and have been offered a co-partnership agreement. I would
like to know if a co-partnership is recognized in California,
whether it is appropriate for individuals (as opposed to
companies), and any important ways it differes from a general
partnership.
Thank you
Richard
1 Answer from Attorneys
Re: How does a co-partnership agreement differ from a general partnership agreem
According to Black's Law Dictionary, co-partnership is a synonym for partnership. A general partnership is the most common form of partnership. Other kinds of partnerships are limited partnerships and limited-liability partnerships.
So, I would say that a co-partnership and a general partnership are the same thing, except that the term co-partnership could perhaps also be applied to a limited partnership or a limited liability partnership.
Therefore, while the agreement you've been offered is probably just using an old-fashioned term, you should read and understand it carefully to see not only what kind of partnership is being created, but also what your rights, duties and obligations will be if you sign it. In any case of doubt, retain your own attorney.
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