Partnership Agreements
Partnership agreements must account for both the economics of the venture and the relationships through which it will be managed. Control, contributions, distributions, admissions, transfers, withdrawal, and succession require particular attention in limited partnerships, investment structures, and family partnerships.
The firm drafts and restructures Texas partnership arrangements, including limited partnerships with entity general partners. When the partnership is part of an estate, tax, or investment plan, the governing documents are coordinated with those objectives rather than prepared as a separate exercise.
Partnership agreements can govern traditional partnerships, limited partnerships, and multi-member LLCs. The legal entity form and the way the business is treated for tax purposes are related but separate questions, so the ownership and governance documents should reflect both.
Services
- Limited partnership agreements and GP-entity company agreements
- Family limited partnership structures, coordinated with estate planning counsel work
- Capital, allocation, and distribution provisions
- Admission, withdrawal, and transfer mechanics
- Partnership amendments and restatements
- General partner governance and indemnification
Representative Experience
Drafting and reformatting of limited partnership agreements and general partner company agreements for family investment structures.
Partnership and member dispute experience (see Litigation) that directly informs how these agreements are drafted.
Representative matters. Prior results do not guarantee a similar outcome.
Process
Mirrors the company agreement process: governance intake → term sheet → complete draft with walkthrough → execution and records.
FAQs
Why an entity general partner?
To contain the general partner’s unlimited liability and to separate management from ownership — standard architecture for family and investment partnerships.
Do family partnerships still work for planning?
Yes, when built and operated correctly; they fail when the formalities are decorative. The firm drafts for respect of the entity, not just its existence.
Partnership or LLC?
Increasingly a tax and planning question rather than a governance one, and one the firm answers with the tax analysis done first rather than assumed.