12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Key Elements of a Business Partnership Contract in Avalon, NJ

Key Elements of a Business Partnership Contract in Avalon, NJ


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 NJ Partnership Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Avalon, NJ
Cerussi & Gunn Pc
600 Broad Stste D
Shrewsbury, NJ 07702
(732) 936-9920
Insurance Attorneys, Attorneys, Personal Injury Law Attorneys
Strugibenetti Jessica S
655 Shrewsbury Ave # 301
Shrewsbury, NJ 07702
(732) 741-9900
General Practice Attorneys, Attorneys
Connell Foley
34 Exchange Pl
Jersey City, NJ 07302
(201) 521-9723
General Practice Attorneys, Attorneys, Legal Service Plans
Irwin D Tu
526 Broadway
Bayonne, NJ 07002
(201) 243-9700
Attorneys,  Family Law Attorneys,  Real Estate Attorneys,  Estate Planning Attorneys,  Criminal Law
Jasinski, P.C.
60 Park Pl Fl 8th
Newark, NJ 07102
(973) 824-9700
Labor & Employment Law Attorneys, Legal Service Plans, Attorneys
Grodberg Harold
590 Avenue C # 2
Bayonne, NJ 07002
(201) 436-9644
Attorneys, General Practice Attorneys, Legal Service Plans
Dunn Michael
2 Executive Campus # 402
Cherry Hill, NJ 08002
(856) 317-9640
General Practice Attorneys, Attorneys, Legal Service Plans
Dawson Michael
2 King Arthur Ct # 6
North Brunswick, NJ 08902
(732) 993-9600
Attorneys, Legal Service Plans
Hernandez Jose W
601 Longwood Ave # B
Cherry Hill, NJ 08002
(856) 779-9500
Attorneys, General Practice Attorneys, Legal Service Plans
Finnerty William J
25 W 8th St # A
Bayonne, NJ 07002
(201) 437-9500
Attorneys, Legal Service Plans
Hunsberger Theresa C
144 W Broad St
Bridgeton, NJ 08302
(856) 455-9500
Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Real Estate Attor
James S. Friedman
17 Academy St Ste 305
Newark, NJ 07102
(973) 353-9500
DUI & DWI Attorneys,  Attorneys,  Criminal Law Attorneys,  Legal Service Plans
Ben A Kaplan
3 2nd St
Jersey City, NJ 07302
(201) 795-9500
General Practice Attorneys, Attorneys
Michelman David
811 Church Rd Ste 117A
Cherry Hill, NJ 08002
(856) 661-9499
Attorneys, General Practice Attorneys, Legal Service Plans
Elliott Whitney
972 Broad St
Newark, NJ 07102
(973) 623-9448
General Practice Attorneys, Attorneys
Whitney Elliott
45 Academy St
Newark, NJ 07102
(973) 623-9448
General Practice Attorneys, Attorneys
The Law Offices or Richard Rinaldo ESQ
349 W Grand St
Elizabeth, NJ 07202
(201) 386-9400
General Practice Attorneys, Attorneys, Legal Service Plans
Borowsky & Borowsky
59 Avenue At The Cmn
Shrewsbury, NJ 07702
(732) 212-9400
Litigation & Tort Attorneys, Attorneys
Tobin Koster Newark
50 Park Pl # 1
Newark, NJ 07102
(973) 624-9339
Attorneys
Carpenter Vera
17 Academy St # 513
Newark, NJ 07102
(973) 624-9299
Attorneys, Legal Service Plans
O'Connor Kimball
51 Haddonfield Rd Ste 330
Cherry Hill, NJ 08002
(856) 663-9292
Attorneys, Legal Service Plans
Galanaugh Timothy J
51 Haddonfield Rd Ste 330
Cherry Hill, NJ 08002
(856) 663-9292
General Practice Attorneys, Attorneys
Mitchell Law Offices, LLC
744 Broad Street 16 FL
Newark, NJ 07102
(973) 302-9277
Credit & Debt Counseling,  Business Bankruptcy Law Attorneys,  Bankruptcy Services,  Bankruptcy Law
Schenerman Brad S
50 Park Pl # 925
Newark, NJ 07102
(973) 621-9244
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US