Partnership Agreements
Partnerships concentrate risk in the relationships they paper. The firm drafts and restructures Texas partnership arrangements — including limited partnerships with entity general partners and family partnership structures — with particular attention to control, capital, and the estate and tax consequences that partnership interests carry. Where a family or investment partnership is involved, the planning risk flags (valuation, retained control, transfer restrictions) are addressed in the drafting, not left for the audit.
Services
SIX ITEMS- 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
TWO MATTERSDrafting 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
FOUR STEPSGovernance intake
Term sheet
Complete draft with walkthrough
Execution and records
FAQs
THREE QUESTIONSWhy 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 LL.M. analysis on the table.