Legal Question in Business Law in Texas
We have a general partnership. Since we can not inc. How do we protect our personal wealth?
Asked on 3/29/10, 7:23 am
2 Answers from Attorneys
A GP most likely isn't the best way to go, as there is personal liability issues abound. I would need to know more about the type of business you have and the owners before making a recommendation. In many cases, I shy away from the General Partnership models, and I tend to favor LLCs, where appropriate.
Answered on 4/03/10, 7:29 am
In order to better limit the liability of its general partners, a general partnership may opt to register as a limited liability partnership in accordance with section 152.802 or 153.351 of the Texas Business Organizations Code.
Answered on 4/07/10, 8:59 am
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