Business Partnership Agreement

BUSINESS PARTNERSHIP AGREEMENT

Partnership agreements are documents that are written to explain the connection between the business partners as well as their individual responsibilities towards a partnership. This document is often complex, hence contains all possible business circumstances that may arise over the partnership’s period. Freedom Rings will help you putting together and reviewing the final contract. If a partnership doesn’t have a partnership agreement set up in the event it dissolves, the laws from the Uniform Partnership Act as well as other state laws will determine how the assets and debts on the partnership are distributed.

FEATURES OF PARTNERSHIP AGREEMENT

  • Name of partnership

  • Address of partnership

  • Length of partnership-Partners can point out a particular termination date or include a general clause explaining how the partnership will work until all partners accept to dissolve it or perhaps a partner dies.

  • Purpose of the partnership-Some consultants advise that partners make this part explicit in the event opportunities for expansion arise.

  • Bank account details- Bank accounts are specified for partnership purposes, and which partners have check-signing privileges.

  • Partners’ contributions-Each partner is valued whether in cash, property or services.

  • Partners’ compensation-This section describes how profits are shared.

  • Management authority-This section talks about the operational responsibilities of each partner.

Other features include:

  • Dispute resolution-This section describes how disputes are resolved between partners. With this in place, costly litigation are avoided.

  • Kinds of outside business activities that will likely be allowed for partners.

  • Disposition of partnership’s name in case a partner leaves.

  • Under which conditions can new partners be admitted into the partnership.

  • Working time and vacation.

  • Buy-Sell Agreement

  • Miscellaneous provisions-This portion of the agreement might delineate instances this agreement the agreement may be amended, one example is.

TYPE OF BUSINESS PARTNERSHIP

There are three common partnership types:

  1. Sole proprietorship

  2. General partnership (GP)

  3. Limited partnership (LP) and,

  4. Limited liability partnership (LLP).

The fourth type, the limited liability limited partnership (LLLP), is not recognized in all states.

Contact Us so that we can find the right business partnership agreement for you.

Disclaimers

Freedom Rings gives you general information on basic court processes, but will not give legal advice as they are not lawyers.

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