Legal Question in Business Law in Washington
Partnerships
My husband and I wish to limit our personal liability, so we thought of creating a partnership in which we would hold our assets. Do we have to open up a business (such as a store, or offer a service) to have a partnership? Or can we just use the partnership vehicle to protect our assets? Thank you.
Asked on 11/30/01, 8:41 pm
1 Answer from Attorneys
Charles Cruikshank
Cruikshank Law Office-Since 1975
Re: Partnerships
A partnership will not offer any protection for your assets. Instead, it will make either of you potentially liable for the other's obligations, thus increasing your possible liability. A corporation, with the proper internal safeguards, is the far better way to protect your assets from others.
Answered on 11/30/01, 8:51 pm
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