Easy Questions  
Free Legal Documents

Key Elements of a Business Partnership Contract in Atlasburg, PA

Key Elements of a Business Partnership Contract in Atlasburg, 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 Atlasburg, PA
Kops Stanley P
102 Bala Ave
Bala Cynwyd, PA 19004
(610) 949-9999
Attorneys, Legal Service Plans
Coffey Kaye Myers & Olley
2 Bala Plz
Bala Cynwyd, PA 19004
(610) 668-9800
Attorneys,  Personal Injury Law Attorneys,  Insurance Attorneys,  Product Liability Law Attorneys
Karoly John Jr Atty
1555 N 18th St
Allentown, PA 18104
(610) 820-9790
Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Legal Service Plans
Creveling Wilbur C Jr Attorney
828 N Ott St
Allentown, PA 18104
(610) 435-9773
Attorneys, General Practice Attorneys
Aritz Frank J
23 W Walnut St
Kingston, PA 18704
(570) 288-9751
Attorneys, Legal Service Plans
Berdugo & Fialkoff,
1 Union Ave, Po Box 591
Bala Cynwyd, PA 19004
(215) 992-9662
Bankruptcy Services,  Bankruptcy Law Attorneys,  Immigration Law Attorneys,  Attorneys,  Immigration
Speyer Debra G
2 Bala Plz # 300
Bala Cynwyd, PA 19004
(610) 949-9555
Securities & Investment Law Attorneys, Attorneys
Markowitz & Richman
121 N Cedar Crest Blvd Ste M
Allentown, PA 18104
(610) 820-9531
Legal Service Plans, Attorneys, Labor & Employment Law Attorneys, Employee Benefits & Worker Compens
Terrana Jr, Angelo Terrana Law
400 3rd Ave # 117
Kingston, PA 18704
(570) 283-9500
Attorneys, Real Estate Attorneys, Title Companies, Estate Planning Attorneys, Legal Service Plans
Terrana Law
400 3rd Ave Ste 117
Kingston, PA 18704
(570) 283-9500
Attorneys,  Business Law Attorneys,  Real Estate Attorneys,  Title Companies,  Legal Service Plans,
Scherf Mary A
5 W Lodges Ln
Bala Cynwyd, PA 19004
(610) 949-9477
General Practice Attorneys, Attorneys
Stitt John W
1434 W Market St
York, PA 17404
(717) 846-9400
General Practice Attorneys, Attorneys, Legal Service Plans
Pavlack Keith R
1908 W Allen St
Allentown, PA 18104
(610) 433-9370
Attorneys,  Family Law Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property
Rish & Shaw
278 Courtdale Ave
Kingston, PA 18704
(570) 283-9345
Attorneys, General Practice Attorneys, Legal Service Plans
Feldman Law Offices
221 N Cedar Crest Blvd
Allentown, PA 18104
(610) 530-9285
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Rush Renkert Barbara
1405 N Cedar Crest Blvd
Allentown, PA 18104
(610) 770-9191
Attorneys, Estate Planning Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Wiener M S Attorney
3605 Trexler Blvd
Allentown, PA 18104
(610) 481-9188
Attorneys, Legal Service Plans
Hiscox and Musto Law Offices
400 3rd Ave Ste 200
Kingston, PA 18704
(570) 714-9100
Civil Litigation & Trial Law Attorneys, Attorneys, General Practice Attorneys
Dr. Michael Callahan
550 3rd Ave
Kingston, PA 18704
(570) 288-9070
Attorneys
Berger Steven B
111 Presidential Blvd # 208
Bala Cynwyd, PA 19004
(610) 668-9070
Attorneys, Legal Service Plans
Schantz & Gray
2310 Walbert Ave Ste 102
Allentown, PA 18104
(610) 770-9011
Attorneys, Legal Service Plans
Knafo Law Offices
1409 Hausman Rd
Allentown, PA 18104
(610) 395-9001
General Practice Attorneys, Attorneys, Legal Service Plans
A Accidentattorney.Com
1409 Hausman Rd
Allentown, PA 18104
(610) 395-9001
Accident & Property Damage Attorneys,  Attorneys,  Malpractice Law Attorneys,  Legal Service Plans,
Moot William E
616 Lamberd Ave
Johnstown, PA 15904
(814) 266-8911
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US