Legal Question in Business Law in New York

Limited partnerships, and a short question

I�ve been considering opening my own business, and several people have expressed an interest in investing in it. The best way to get up and running, with their help, seems to be a limited partnership with myself as the general partner.

What I was wondering was this, are there any tax issues I will have to worry about? And are there any questions I should ask my lawyer once Im in the process of doing it?

Any help would be appreciated. Thanks!


Asked on 2/17/05, 3:19 am

2 Answers from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: Limited partnerships, and a short question

Ask him to compare the pros and cons of the conduct of business in the form of partership, limited partnership, limited liability company, corporation, C and S.

Have him describe the personal liability aspects of each and the tax consequences of each.

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Answered on 2/17/05, 8:24 am
Anthony Park Anthony S. Park, PLLC

Re: Limited partnerships, and a short question

Dear sir or madam:

Make sure your attorney adequately describes the differences in personal liability for each business form (C corporation, S corporation, Partnerships, LLC).

Make sure to thoroughly describe your current income earning sources, and your predicted futured streams of income to best determine your tax planning.

Anthony S. Park

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Answered on 2/17/05, 9:18 am


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