Limited Partnership (LP)

At the Law Office of Anthony W. Greco, we understand the stress and life altering circumstances that individuals and companies often deal with when facing business disputes. That is why it is important to have an attorney who has extensive experience in choice of entity issues as well as other business law matters, and who can provide counsel and advice in an understandable, practical and effective manner.

A limited partnership, which is substantially similar to a partnership — see Partnership — has two or more owners seeking to make a profit but also has one general partner who is personally liable for partnership debts. The general partner can be a LLC or a corporation, but again, the LLC or corporation can be liable for the partnership debt. While limited partners are generally not personally liable for partnership debts, there are certain circumstances under which a partnership creditor can hold a limited partner personally liable. There are a host of other factors regarding an individual’s or company’s converting to and out of limited partnership status that must be addressed with precision planning.

The Law Office of Anthony W. Greco is committed to providing each and every Client with professional, aggressive and practical representation, while being sensitive to the Client’s unique concerns and goals. With more than 18 years of experience, our firm is equipped to deal with all issues involved in business formation matters. Everything from transactional needs to partnership disputes leading to litigation, The Law Office of Anthony Greco is prepared to aggressively represent its Clients’ concerns and interests from the first day of representation for business planning through the possible dissolution of a partnership.