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Duffy & Feemster

A friend and I have created a partnership. This partnership protects us from liability, doesn't it?

The simple answer to that is no. The partnership is merely collaboration between two or more people in a business where the liabilities and the profits are shared. A partnership does not protect the partners from liability. In fact, you can be liable for the acts of your partner. Furthermore, it is best to have a written partnership agreement so that there is no dispute or misunderstanding between the partners down the line. It would be best to consult with a lawyer in the creation of a partnership.

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