Easy Questions  
Free Legal Documents

Key Elements of a Business Partnership Contract in Alta, CA

Key Elements of a Business Partnership Contract in Alta, CA


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 CA Partnership Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Alta, CA
A & D Immigration Svc
1412 17th St # 256
Bakersfield, CA 93301
(661) 323-9999
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
Kim & Mira Attorney's At Law
3022 International Blvd Ste 406
Oakland, CA 94601
(510) 437-9998
Attorneys, General Practice Attorneys, Legal Service Plans
Karen C Smith
1567 Yuba St
Redding, CA 96001
(530) 244-9998
Family Law Attorneys,  Attorneys,  Divorce Assistance,  Child Custody Attorneys,  Divorce Attorneys,
Paralegal Services Annick Haddad
14416 Victory Blvd Suite 201
Van Nuys, CA 91401
(818) 445-9992
Paralegals, Legal Document Assistance
Crary Bruce P
1484 E Main St # 2
Ventura, CA 93001
(805) 641-9992
Labor & Employment Law Attorneys, Attorneys
Strauss Law Group
121 N Fir St # F
Ventura, CA 93001
(805) 641-9992
Civil Litigation & Trial Law Attorneys, Attorneys, Labor & Employment Law Attorneys, Business Law At
The Lawyers Group Inc.
902 N Grand Ave
Santa Ana, CA 92701
(714) 558-9990
Personal Injury Law Attorneys,  Attorneys,  Legal Service Plans,  General Practice Attorneys
Easy Solutions Paralegal Svc
6277 Van Nuys Blvd
Van Nuys, CA 91401
(818) 442-9982
Paralegals
Addison, Kandy Paralegal Svs
4505 Allstate Drive, # 217
Riverside, CA 92501
(951) 680-9980
Paralegals, Attorneys
Murchison & Cummings
200 W Santa Ana Blvd # 801
Santa Ana, CA 92701
(714) 972-9977
Attorneys, General Practice Attorneys, Labor & Employment Law Attorneys, Product Liability Law Attor
Akopyan Law Group Pasadena Civil Litigation
300 N Lake Ave
Pasadena, CA 91101
(818) 509-9975
Corporation & Partnership Law Attorneys,  Personal Injury Law Attorneys,  Attorneys,  Labor & Employ
Solucions Hispanas
2117 Lake Ave
Altadena, CA 91001
(626) 794-9974
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
Chin, Geoffrey D
221 E Walnut St
Pasadena, CA 91101
(626) 229-9971
Probate Law Attorneys, Business Law Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning
California Attorneys Group
1314 7th St
Santa Monica, CA 90401
(310) 395-9954
General Practice Attorneys, Attorneys, Legal Service Plans
James C. Stevens
402 West Broadway, Suite 400
San Diego, CA 92101
(619) 934-9946
Real Estate Attorneys
Thomas G Roche
1850 5th Ave
San Diego, CA 92101
(619) 239-9945
Attorneys, Legal Service Plans
Kalikas Anthony
2305 India St
San Diego, CA 92101
(858) 452-9937
General Practice Attorneys, Attorneys
Universal Law Group
430 S Garfield Ave Ste 300
Alhambra, CA 91801
(626) 308-9936
Attorneys, Legal Service Plans, Criminal Law Attorneys, Immigration Law Attorneys, Litigation & Tort
Albelais Alfonso
3730 12th St
Riverside, CA 92501
(951) 682-9933
Attorneys Referral & Information Service, Attorneys
Parker & Sander
755 Santa Rosa St
San Luis Obispo, CA 93401
(805) 541-9930
General Practice Attorneys, Attorneys
Orlando Megan G
1541 Ocean Ave # 200
Santa Monica, CA 90401
(310) 451-9928
General Practice Attorneys, Attorneys
Linda A Jazo
1901 1st Ave
San Diego, CA 92101
(619) 235-9925
Business Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partnershi
Stuart J. Zander
707 Broadway, Suite 700
San Diego, CA 92101
(619) 798-9925
Family Law Attorneys, General Practice Attorneys, Traffic Law Attorneys, Attorneys
Zampi Determan & Erickson LLP
225 Broadway Suite 1450
San Diego, CA 92101
(619) 231-9920
Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys,  Schools & Education Law Attorneys,
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US