Easy Questions  
Free Legal Documents

Key Elements of a Business Partnership Contract in Alplaus, NY

Key Elements of a Business Partnership Contract in Alplaus, NY


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 NY Partnership Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Alplaus, NY
Adler Michael
4060 Amboy Rd
Staten Island, NY 10308
(347) 382-9764
Bankruptcy Services,  Attorneys,  Bankruptcy Law Attorneys,  Real Estate Attorneys,  Legal Service P
Samantha French Noda, LLC
P.O. Box 1027
New York, NY 10008
(917) 364-9340
General Practice Attorneys, Patent, Trademark & Copyright Law Attorneys, Attorneys
Mc Kinnis Law Offices
12 Locust Ln
Bronxville, NY 10708
(914) 793-9215
Insurance Attorneys, Attorneys, Business Law Attorneys
Spiegel Brown Fichera & Cote
1203 North Ave
Beacon, NY 12508
(845) 896-8840
Criminal Law Attorneys,  Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys
Palumbo Karen C
1203 North Ave
Beacon, NY 12508
(845) 831-8300
Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Adoption Law Attorneys,  Legal Servi
Detommasi Anthony J MD
17 Woodlawn Ave
Albany, NY 12208
(518) 438-8030
General Practice Attorneys, Attorneys
Colin Law Office
19 Greystone Cir
Bronxville, NY 10708
(914) 771-7711
General Practice Attorneys, Attorneys, Legal Service Plans
De La Fleur Brian
1334 Union St
Schenectady, NY 12308
(518) 374-7700
Attorneys, Legal Service Plans
Brockbank Michael T
1494 Wendell Ave
Schenectady, NY 12308
(518) 374-6815
Estate Planning Attorneys, Attorneys, Elder Law Attorneys, Real Estate Attorneys, Legal Service Plan
Nobile Magarian & Di Salvo
111 Kraft Ave
Bronxville, NY 10708
(914) 337-6300
Attorneys, Legal Service Plans
Newstad William ESQ
3884 Amboy Rd
Staten Island, NY 10308
(718) 317-6207
General Practice Attorneys, Attorneys
Counsel Press
295 S Main Ave # 795
Albany, NY 12208
(518) 458-6044
Paralegals,  Publishers-Periodical,  Arbitration Services,  Financial Services,  Arbitration & Media
Johnson Timothy R
144 Main St
Morris, NY 13808
(607) 263-5741
Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Alishahi Amir
3925 Hylan Blvd
Staten Island, NY 10308
(718) 984-5555
General Practice Attorneys, Attorneys
Dimassimo James D
263 Plymouth Ave S
Rochester, NY 14608
(585) 546-5510
General Practice Attorneys, Attorneys
Steinbrenner Law Offices, LLC
104 Troup St
Rochester, NY 14608
(877) 350-5455
Commercial Law Attorneys, Antitrust Law Attorneys, Business Law Attorneys, Small Business Attorneys
Penzetta Dominick
33 Henry St
Beacon, NY 12508
(845) 831-5291
Attorneys, Business Law Attorneys, Real Estate Attorneys, Legal Service Plans, Estate Planning Attor
Timothy G Griffin At Law
77 Pondfield Rd
Bronxville, NY 10708
(914) 771-5252
General Practice Attorneys, Attorneys, Legal Service Plans
Morris James
70 Millard Ave
Bronxville, NY 10708
(914) 793-5060
General Practice Attorneys, Attorneys, Legal Service Plans
Bridgham Ruth
524 Madison Ave # 1
Albany, NY 12208
(518) 434-4926
Attorneys, Legal Service Plans
De Maria Joseph G
301 Exchange Blvd # 204
Rochester, NY 14608
(585) 232-4910
General Practice Attorneys, Attorneys, Legal Service Plans
Rebecca Bauscher
668 Madison Ave
Albany, NY 12208
(518) 426-4786
Attorneys,  Child Custody Attorneys,  Divorce Assistance,  Family Law Attorneys,  Divorce Attorneys
Mclaughlin Kevin
75 Pondfield Rd
Bronxville, NY 10708
(914) 779-4613
Attorneys, Legal Service Plans
Bmh Paralegal Svc Inc
438 Doane Ave
Staten Island, NY 10308
(718) 967-4592
Paralegals
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US