Partnerships

At Jerry Long, Attorney at Law, we specialize in providing comprehensive legal services to help you form, manage, and protect your business partnership in Tennessee. Our team is committed to offering personalized support and advice to ensure your partnership operates smoothly and successfully.

What is a Partnership?

A partnership is a business structure where two or more individuals share ownership, responsibilities, and profits. Partnerships can take various forms, including general partnerships, limited partnerships, and limited liability partnerships (LLPs). Each type offers distinct advantages:

• General Partnerships: Easy to form, with shared management and profits.
• Limited Partnerships (LPs): Include general partners who manage the business and limited partners who invest capital but have limited liability.
• Limited Liability Partnerships (LLPs): Provide liability protection for all partners while allowing shared management.

Forming a partnership involves important legal and financial considerations. Our services are designed to guide you through these complexities and help you make informed decisions.

Our Partnership Services

1. Partnership Formation

• Initial Consultation: We provide personalized consultations to discuss your business goals and determine the most suitable type of partnership.
• Partnership Agreement: We draft comprehensive partnership agreements outlining roles, responsibilities, profit-sharing arrangements, and dispute resolution procedures.
• Business Name Registration: We assist with registering your partnership’s business name with the Tennessee Secretary of State.

2. Regulatory Compliance

• Licenses and Permits: We help you identify and obtain the necessary local, state, and federal licenses and permits required for your business operations.
• Regulatory Filings: We ensure compliance with all necessary regulatory filings, including state and federal tax registrations.

3. Contract Drafting and Review

• Partnership Agreements: We draft, review, and negotiate partnership agreements tailored to your business needs.
• Service Contracts: We prepare service contracts, supplier agreements, and other essential documents to protect your business interests.

4. Risk Management

• Liability Assessment: We conduct thorough assessments to identify potential risks and recommend strategies to mitigate them.
• Insurance Guidance: We advise on appropriate insurance coverage to protect your partnership’s assets and operations.

5. Business Operations Support

• Employment Law Compliance: We assist with employment law compliance, including drafting employee handbooks and employment agreements.
• Intellectual Property Protection: We help you protect your business’s intellectual property through trademark registration and other legal measures.

6. Dispute Resolution

• Litigation Services: Our experienced litigators represent your partnership in legal disputes, ensuring your interests are safeguarded.
• Mediation and Arbitration: We offer mediation and arbitration services to resolve conflicts efficiently and amicably.

7. Business Transition and Succession Planning

• Exit Strategies: We help you develop exit strategies, whether you plan to sell your interest, bring in new partners, or dissolve the partnership.
• Succession Planning: We assist with creating a succession plan to ensure a smooth transition of your business to new ownership.

Contact Us

Ready to form or manage your partnership? Contact Jerry Long, Attorney at Law today to schedule a consultation and let us help you build a strong legal foundation for your partnership’s success.