In prior blogs, I wrote about the federal Corporate Transparency Act (“CTA”) passed on January 1, 2021. Implementation of certain aspects of the CTA were deferred until the United States Department of Treasury could pass rules that clarify the...
Limited liability partnerships....
A limited liability partnership (LLP) is a special form of partnership. In 2000, New Jersey revised its general partnership (GP) law to permit GPs to convert into LLPs by way of filing a relatively simple form with...
There can be special challenges in new ventures. A business venture often faces significant budgetary constraints in its start-up phase. Thus, prospective business partners commonly seek to manage legal expenses by retaining a single attorney. So, what’s the problem?...
The Case of the Departing Penultimate Partner
Can one hand clap? There are many disadvantages associated with structuring a business as a general partnership. One disadvantage is that, unlike limited liability companies and corporations, the departure of one of the remaining...
THE GENERAL PARTNERSHIP (“partnership”) form of business has existed for many years. In its simplest form, a partnership is an association of two or more individuals to operate a business for profit. All states have enacted partnership laws. New...