The Limited Liability Company or LLC is really a fusion of two forms of business entity status. Each has unique positive attributes and legal protections.
Professional partnership is one of the types of partnerships. It is traditional found in the world of licensed individuals and where states require some form of firm certificate or license to operate. Customarily found in medical practices, legal, accounting, engineering entities.
There is a tremendous amount of information to convey to fully understand partnership agreements. This is the first in a series of articles related to partnership agreements. Throughout this series I will explain the various sections and issues a small business owner faces in creating a sound and fair agreement with a single or multiple partners.