Easy Questions  
Free Legal Documents

Key Elements of a Business Partnership Contract in Adel, OR

Key Elements of a Business Partnership Contract in Adel, OR


A real businessman values his partners like friends and his partnership like friendship.
 
- Amit Kalantri


Partnerships are easy to form, easy to operate and very inexpensive. There are no formalities, such as (annual meetings or filings) and they avoid the double taxation of corporations. One drawback is that all partners are subject to personal liability for all debts, losses, and liabilities of the partnership. Each partner is also generally liable for every other partners' actions on behalf of the partnership.

Poorly organized partnerships can lead to nasty disputes among partners in the future. A partnership agreement can clarify the key elements of a partnership in a written agreement. Here's a list of the major areas that most partnership agreements should cover:

Name of the partnership. One of the first things you must do is agree on a name for your partnership. You can make up a new Trademark like Philadelphia Web Design or use your own last names, such as Smith & Jones. Either way, it is a good idea to make sure that the name isn't already in use, that a web url is available and then register a business name statement with your county clerk.


Contributions to the partnership. It's critical that you and your partners work out and record who's going to contribute cash, property, or services to the business before it opens -- and what ownership percentage each partner will have. Disagreements over contributions have poisoned many promising partnerships.

Allocation of profits, losses, and draws. Decide whether profits and losses will be allocated in proportion to a partner's percentage interest in the business. Define the rules for partners to withdraw cash from the business. You and your partners may have different financial needs and different desires about how the money should be divided up and distributed.


Management duties. Who will keep the books? Who will deal with customers? Supervise employees? Negotiate with suppliers? Think through the management needs of your partnership and be sure you've spelled it out in your partnership agreement.

Electing new partners. Agree on a procedure for selecting and on boarding new partners. Define requirements such as capital contributions and voting rights.

Withdrawal or death of a partner. Set up a clear buyout scheme in your partnership agreement.

Resolving disputes. It would probably benefit all partners if the partnership agreement provides for alternatives to litigation for dispute resolution, such as mediation or arbitration.

 
Edit, Download, & Print a Free
Oregon Partnership
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Adel, OR
Holmes Sherman W
10414 NE Sandy Blvd
Portland, OR 97220
(503) 255-9777
Attorneys
Charter Joseph
450 Siskiyou Blvd # 3
Ashland, OR 97520
(541) 488-9556
Attorneys
Joseph M. Chapter
928 C St
Ashland, OR 97520
(541) 488-9556
Attorneys, Legal Service Plans
Tindell Raymond S
11112 NE Halsey St # A
Portland, OR 97220
(503) 257-9268
Attorneys
Vincent Charles
590 Commercial Ave
Coos Bay, OR 97420
(541) 888-9071
Attorneys, Legal Service Plans
Law Offices
622 Siskiyou Blvd
Ashland, OR 97520
(541) 482-8492
Attorneys, General Practice Attorneys
David Seulean PC
622 Siskiyou Blvd
Ashland, OR 97520
(541) 482-8492
Attorneys, Legal Service Plans
Davis, Hearn & Anderson PC
515 E Main St
Ashland, OR 97520
(541) 210-8044
Probate Law Attorneys,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorney
Bankruptcy Law Center
4721 NE 102nd Ave
Portland, OR 97220
(503) 253-7777
Bankruptcy Law Attorneys,  Legal Service Plans,  Civil Litigation & Trial Law Attorneys,  Bankruptcy
Trierweiler Todd
4721 NE 102nd Ave
Portland, OR 97220
(503) 253-7777
Legal Service Plans,  Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorneys
Lasken Glen J
129 NE 102nd Ave
Portland, OR 97220
(800) 896-6976
Attorneys
Simms Gary L
585 Nyla Ln
Ashland, OR 97520
(541) 482-6790
Attorneys, Legal Service Plans
De Plois Jacques P
650 Newmark Ave
Coos Bay, OR 97420
(541) 888-6338
Attorneys, Family Law Attorneys, Probate Law Attorneys
Eames Tod
11155 NE Halsey St
Portland, OR 97220
(503) 254-6313
Attorneys
Cohen Emily S
10535 NE Shaver St
Portland, OR 97220
(503) 253-6016
Attorneys
McNutt Scott
1052 Southwest Blvd
Coos Bay, OR 97420
(541) 269-5821
Employee Benefits & Worker Compensation Attorneys,  Social Security & Disability Law Attorneys,  Acc
Landes Donald H
971 Commercial Ave
Coos Bay, OR 97420
(541) 269-5767
Attorneys, Probate Law Attorneys
Sario Markku A
206 S Humbolt St
Canyon City, OR 97820
(541) 575-5750
Attorneys, Criminal Law Attorneys
Dorsey David A
243 W Commercial Ave
Coos Bay, OR 97420
(541) 269-5566
Attorneys, Family Law Attorneys, Legal Service Plans
Joelson Gordon A
243 W Commercial Ave
Coos Bay, OR 97420
(541) 269-5566
Estate Planning Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Corporation & P
Wilgers Steven L
243 W Commercial Ave
Coos Bay, OR 97420
(541) 269-5566
Business Law Attorneys,  Real Estate Attorneys,  General Practice Attorneys,  Estate Planning Attorn
Finneran Lawrence
405 N 5th St
Coos Bay, OR 97420
(541) 269-5565
Corporation & Partnership Law Attorneys,  Real Estate Attorneys,  Attorneys,  Business Law Attorneys
Thompson Martin E
53 W Washington St
Burns, OR 97720
(541) 573-5299
General Practice Attorneys, Attorneys, Legal Service Plans
Knudsen Sam
598 Anderson Ave # 102
Coos Bay, OR 97420
(541) 267-5297
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US