Easy Questions  
Free Legal Documents

Key Elements of a Business Partnership Contract in Alberta, VA

Key Elements of a Business Partnership Contract in Alberta, VA


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 VA Partnership Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Alberta, VA
Shaheen Arthur V
1123 Celebration Ave # 204A
Moneta, VA 24121
(540) 297-8904
Attorneys, Legal Service Plans
Bondurant Jr Thomas
3600 Douglasdale Rd
Richmond, VA 23221
(804) 278-8900
General Practice Attorneys, Attorneys, Legal Service Plans
Flax Robert L
8 S Sheppard St
Richmond, VA 23221
(804) 355-8425
Attorneys, Legal Service Plans
Steingold & Mendelson
3101 American Legion Rd Ste 23
Chesapeake, VA 23321
(757) 393-7300
Employee Benefits & Worker Compensation Attorneys, Attorneys, Labor & Employment Law Attorneys, Malp
Chester Francis
3581 Churchville Ave
Churchville, VA 24421
(540) 337-7278
General Practice Attorneys, Attorneys, Legal Service Plans
Page & Assoc
2913 Park Ave
Richmond, VA 23221
(804) 353-6166
Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys,  Insurance Attorneys,  Product L
Chiocca Michele
3500 Grove Ave # 108
Richmond, VA 23221
(804) 254-5600
Accident & Property Damage Attorneys, Attorneys, Personal Injury Law Attorneys, Legal Service Plans,
Eubank, Stephen R - J Thompson Shrader & Assoc
330 S Main St
Amherst, VA 24521
(434) 946-5161
Attorneys, Legal Service Plans
Gilbert Law Firm Pc
13595 Booker T Washington Hwy
Moneta, VA 24121
(540) 721-5110
Attorneys,  Real Estate Attorneys,  General Practice Attorneys,  Legal Service Plans,  Criminal Law
Silverman Law Firm LC
3415 Floyd Ave
Richmond, VA 23221
(804) 325-4992
Accident & Property Damage Attorneys, Medical Malpractice Attorneys, Product Liability Law Attorneys
Wright Jr E M
3RD Courthouse Sq
Buckingham, VA 23921
(434) 969-4809
Attorneys, Legal Service Plans
Swartz Margaret
3600 Floyd Ave
Richmond, VA 23221
(804) 254-4599
Attorneys, General Practice Attorneys
Ramos Mark E
901 N Hamilton St
Richmond, VA 23221
(804) 254-4522
Attorneys, Legal Service Plans
Herbert E. Maxey Jr.
PO Box 257
Buckingham, VA 23921
(434) 846-4333
Attorneys, Legal Service Plans
Pendleton Garrett & Henderson PC
230 S Main St
Amherst, VA 24521
(434) 845-4218
Personal Injury Law Attorneys, Wrongful Death Attorneys, Attorneys
Swiger & Cay
5900 Fort Dr # 101
Centreville, VA 20121
(703) 222-3800
Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
Beckler Michael D
3105 John Wayland Hwy
Dayton, VA 22821
(540) 879-3800
Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate Attorneys,  Legal Service Plans
Attorney Charles Havener
3808 Poplar Hill Road, Suite D
Chesapeake, VA 23321
(757) 236-3535
Adoption Law Attorneys, Bankruptcy Law Attorneys, Personal Injury Law Attorneys, Real Estate Attorne
Anderson Desimone & Green PC
74 Scruggs Rd Ste 101
Moneta, VA 24121
(540) 721-3358
Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Windmueller Esther J
3000 Idlewood Ave
Richmond, VA 23221
(804) 358-2321
Attorneys,  Criminal Law Attorneys,  Appellate Practice Attorneys,  Personal Injury Law Attorneys,  
Williamson & Lavecchia
3415 Floyd Ave
Richmond, VA 23221
(804) 288-1661
Attorneys,  Civil Litigation & Trial Law Attorneys,  Business Law Attorneys,  Insurance Attorneys,  
Berg Legal Clinic
3126 Western Branch Blvd
Chesapeake, VA 23321
(757) 483-0303
Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US