Law Offices
of
Adam Farber
Helping you Build, Protect and Rebuild your Future
Partnerships
Forming a Partnership in Florida
A partnership is a business structure where two or more people agree to share ownership, responsibilities, and profits. In Florida, the most common types are General Partnerships (GPs), Limited Partnerships (LPs), and Limited Liability Partnerships (LLPs). Partnerships are appealing because they are relatively easy to form, flexible in operation, and allow for shared decision-making and resource pooling. Each type offers different levels of liability protection and management involvement, allowing you to choose the structure that best fits your goals.
General Partnerships
A General Partnership is the default form of partnership in Florida when two or more individuals do business together without formally registering another type of entity. All partners in a GP share equal rights to manage the business and are personally liable for the partnership’s debts and obligations. This means each partner’s personal assets could be at risk if the business is sued or cannot pay its debts. While Florida does not require GPs to file with the Division of Corporations, creating a written partnership agreement is strongly recommended to avoid disputes and clarify each partner’s roles, responsibilities, and profit-sharing arrangements.
Limited Partnerships
A Limited Partnership consists of at least one general partner and one or more limited partners. The general partner manages the business and bears personal liability, while the limited partners are passive investors whose liability is limited to the amount of their investment. LPs are often used in real estate investments, family-owned businesses, or capital-driven ventures where silent partners do not want day-to-day involvement. LPs must register with the Florida Division of Corporations and file a Certificate of Limited Partnership.
Limited Liability Partnerships (LLPs)
An LLP offers a hybrid approach, where all partners are involved in managing the business but still receive protection from personal liability for the actions of their partners. This makes LLPs especially popular among professional firms—such as attorneys, accountants, and consultants—where each partner wants to limit exposure to the malpractice or debts of the others. LLPs must register with the Florida Division of Corporations and file an annual report to maintain their status. Unlike GPs, LLPs provide an added layer of legal protection while preserving shared management rights.
Guidance That Sets You Up for Success
At the Law Offices of Adam Farber, we help clients form partnerships that are legally sound and tailored to their business goals. We assist with drafting custom partnership agreements, filing the required documents with the state, and providing ongoing legal counsel to help you manage risk and maintain compliance. Whether you're forming a small family business, attracting investors, or building a professional practice, we’ll make sure your partnership starts on solid legal footing—with clarity, confidence, and legal protection.
Disclaimer
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create an attorney-client relationship, and receipt or viewing does not constitute an attorney-client relationship.