Easy Questions  
Free Legal Documents

Key Elements of a Business Partnership Contract in Alsey, IL

Key Elements of a Business Partnership Contract in Alsey, IL


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 IL Partnership Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Alsey, IL
Hanson & Peters
1000 Hart Rd Fl 300
Barrington, IL 60010
(847) 277-9988
General Practice Attorneys, Legal Service Plans, Attorneys
Susan Poplar Law Office
330 E Main St Ste 207
Barrington, IL 60010
(847) 381-9588
Attorneys, General Practice Attorneys, Real Estate Attorneys, Estate Planning Attorneys
Covey Bankruptcy Law Firm, P.C.
232 S Batavia Ave Uppr
Batavia, IL 60510
(630) 879-9559
Foreclosure Services,  Business Bankruptcy Law Attorneys,  Bankruptcy Services,  Bankruptcy Law Atto
Bernstein Deberah L
330 E Main St
Barrington, IL 60010
(847) 304-9533
General Practice Attorneys, Attorneys, Legal Service Plans
Lovig Elizabeth
428 S Batavia Ave
Batavia, IL 60510
(630) 326-9500
General Practice Attorneys, Attorneys, Legal Service Plans
Terrence Michael Johnson Law
66 Flint Dr
Lake Barrington, IL 60010
(847) 381-9370
General Practice Attorneys, Attorneys, Legal Service Plans
Kelleher & Buckley
102 S Wynstone Park Dr # 100
North Barrington, IL 60010
(847) 382-9130
Estate Planning Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Business Law At
Robins Martin B
1000 Hart Rd Ste 220
Barrington, IL 60010
(847) 229-8710
General Practice Attorneys, Attorneys, Legal Service Plans
Joseph Lucas & Assoc
224 W Main St
Barrington, IL 60010
(847) 381-8700
Estate Planning Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans, Tax Attorneys, Divo
Pierce Christopher
312 E Lincoln Ave
Barrington, IL 60010
(847) 382-8640
General Practice Attorneys, Attorneys
Giampoli Frank J
428 S Batavia Ave
Batavia, IL 60510
(630) 406-8640
General Practice Attorneys, Attorneys, Legal Service Plans
Meroni & Meroni PC
5 Bellwood Dr
Barrington, IL 60010
(847) 805-8403
Patent, Trademark & Copyright Law Attorneys,  Attorneys,  Patent Agents,  Personal Property Law Att
Belvedere Josette
1312 N La Salle Dr
Chicago, IL 60610
(312) 337-8296
General Practice Attorneys, Attorneys
Hinrichs Timothy C
476 S Prairie St
Bethalto, IL 62010
(618) 377-8252
Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Corporation & Partnershi
Total Attorneys - Personal Injury
PO Box 274216
Arcola, IL 61910
(217) 666-7862
Attorneys, Legal Service Plans
Melody B. Davoust
715 Hunter Dr
Batavia, IL 60510
(630) 879-7007
Attorneys,  Family Law Attorneys,  Litigation & Tort Attorneys,  Adoption Law Attorneys,  Civil Liti
Carroll Law Offices PC
510 S Batavia Ave
Batavia, IL 60510
(630) 406-6933
General Practice Attorneys, Attorneys
Boehm & Boehm
201 W Main St
Barrington, IL 60010
(847) 381-6857
Estate Planning Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Business Law Attorney
Christopher Agrella Law Office
330 E Main St
Barrington, IL 60010
(847) 381-6800
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Criminal Law Attorneys
Christopher Cooper, Inc. (Civil Rights Practice, Chicago)
1140 N La Salle Dr
Chicago, IL 60610
(312) 371-6752
Attorneys, Labor & Employment Law Attorneys, Employee Benefits & Worker Compensation Attorneys
Irene Clarke David
18 E Dundee Rd Building 6
Barrington, IL 60010
(847) 382-6620
Attorneys, Estate Planning Attorneys, Wills, Trusts & Estate Planning Attorneys
Anderson IV William M
625 S Main St
Creve Coeur, IL 61610
(309) 694-6250
Attorneys,  Criminal Law Attorneys,  Mediation Services,  Legal Service Plans
Youssi & Youssi Ltd
150 Houston St
Batavia, IL 60510
(630) 879-5777
Attorneys
Michael T. Schulenberg
428 S Batavia Ave
Batavia, IL 60510
(630) 487-5692
Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US