Barbara Katsos is an accomplished attorney with decades of combined experience in law and school administration. Currently, Ms. Katsos serves as the owner of The Law Offices of Barbara Katsos in New York, NY, where she provides expertise in areas such as corporate law and partnership formation.
A partnership is a business structure in which two or more individuals collaborate and share ownership of a for profit venture. Partners, who share in the profits and losses of the business, have several types of business structures to choose from when establishing the legal entity.
1. Joint venture – this type of partnership is only established for a limited time period, unless extended by the involved parties.
2. General partnership – a partnership form in which all partners have an equal stake in the legal liability and financial success of the business.
3. Limited partnership – a more complex type of partnership that allows specific partners to have a lesser or greater stake in the finances, decision making, or liability of the business. This form typically includes at least one general partner and another partner, known as a silent partner, who has less operational control of the business.