Easy Questions  
Free Legal Documents

Key Elements of a Business Partnership Contract in Alba, PA

Key Elements of a Business Partnership Contract in Alba, PA


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.

 
Personalize & Print a Free PA Partnership Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Alba, PA
Palange Dawn M L
200 Spring Ridge Dr # 205
Reading, PA 19610
(610) 685-9960
Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Attorneys
Lutz George M
845 N Park Rd Ste 101
Reading, PA 19610
(610) 372-9900
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Alderfer Jennifer R
845 N Park Rd Ste 101
Reading, PA 19610
(610) 372-9900
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Case Dexter K
845 N Park Rd Ste 101
Reading, PA 19610
(610) 372-9900
General Practice Attorneys, Attorneys
Case Di Giamberardino & Lutz
845 N Park Rd Ste 101
Reading, PA 19610
(610) 372-9900
Attorneys,  Legal Service Plans,  Bankruptcy Services,  Management Consultants,  Bankruptcy Law Atto
Robert Mirin
2515 N Front St Ste 1
Harrisburg, PA 17110
(717) 909-9900
General Practice Attorneys, Attorneys
Von Vital Todd M Attorney
200 Spring Ridge Dr Ste 202
Reading, PA 19610
(610) 939-9866
General Practice Attorneys, Attorneys, Legal Service Plans
Freeburn & Hamilton, P.C.
2040 Linglestown Rd
Harrisburg, PA 17110
(717) 265-9822
Automobile Accident Attorneys,  Accident & Property Damage Attorneys,  Attorneys,  Employee Benefits
Gallagher Terrence V
416 Jefferson Ave
Scranton, PA 18510
(570) 347-9816
Accident & Property Damage Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
Nichole M Staley O'Gorman
1820 Linglestown Rd
Harrisburg, PA 17110
(717) 236-9777
Attorneys,  Divorce Attorneys,  Mediation Services,  Child Support Collections,  Divorce Assistance,
Benjamin Hess
1408 Penn Ave
Reading, PA 19610
(610) 376-9736
Attorneys, Real Estate Attorneys, Insurance Attorneys, Product Liability Law Attorneys, Litigation &
Altland, P Daniel - Caldwell & Kearns
3631 N Front St
Harrisburg, PA 17110
(717) 686-9592
Corporation & Partnership Law Attorneys,  Attorneys,  Family Law Attorneys,  Real Estate Attorneys,
Caldwell & Kearns (Douglas K. Marsico)
3631 N Front St
Harrisburg, PA 17110
(717) 686-9592
Attorneys,  Criminal Law Attorneys,  Drug Charges Attorneys,  Traffic Law Attorneys,  Legal Service
Caldwell & Kearns Pc
3631 N Front St
Harrisburg, PA 17110
(717) 686-9592
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Banking & Mortgage L
Placey Richard L
3631 N Front St
Harrisburg, PA 17110
(717) 236-9577
General Practice Attorneys, Attorneys
Vance Jr Robert T
100 S Broad St # 1530
Philadelphia, PA 19110
(215) 557-9550
Vance Robert
100 S Broad St # 2230
Philadelphia, PA 19110
(215) 557-9550
Attorneys, DUI & DWI Attorneys, General Practice Attorneys, Legal Service Plans
Mancke John B
2233 N Front St
Harrisburg, PA 17110
(717) 686-9395
Criminal Law Attorneys, DUI & DWI Attorneys, Attorneys
Navitsky Olson & Wisneski
2040 Linglestown Rd Ste 303
Harrisburg, PA 17110
(717) 541-9205
Insurance Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Plans
Andrascik Allen
2601 Darlington Rd
Beaver Falls, PA 15010
(724) 846-9188
Attorneys, Legal Service Plans
Serratelli Schiffman Brown & Calhoon PC
2080 Linglestown Rd Ste 101
Harrisburg, PA 17110
(717) 540-9170
Social Security & Disability Law Attorneys,  Attorneys,  Corporation & Partnership Law Attorneys,  E
Serratelli, Lori K - Serratelli Schiffman Brown Cal
2080 Linglestown Rd Ste 201
Harrisburg, PA 17110
(717) 540-9170
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Social Security & Disabi
Marcin Frank A
811 Mulberry St
Scranton, PA 18510
(570) 347-9050
General Practice Attorneys, Attorneys, Legal Service Plans
Marcmn Law Office
811 Mulberry St
Scranton, PA 18510
(570) 347-9050
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US