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 Avawam, KY

Key Elements of a Business Partnership Contract in Avawam, KY


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 KY Partnership Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Avawam, KY
Steptoe & Johnson
1010 Monarch St # 250
Lexington, KY 40513
(859) 219-8214
General Practice Attorneys, Attorneys
Cooper, Michael T
1448 Gardiner Ln
Louisville, KY 40213
(502) 459-7555
Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Friedman, Hal D
1448 Gardiner Ln
Louisville, KY 40213
(502) 459-7555
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Phillipe W Rich
4824 Preston Hwy
Louisville, KY 40213
(502) 694-6681
Social Security & Disability Law Attorneys,  Personal Injury Law Attorneys,  General Practice Attorn
Franklin & Rapp
1001 Monarch St,Ste 120
Lexington, KY 40513
859-554-1765
Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Pers
Franklin and Rapp
1001 Monarch St
Lexington, KY 40513
859-554-1765
Civil Litigation & Trial Law Attorneys,  Insurance Attorneys,  Legal Service Plans,  DUI & DWI Attor
Sharon K Carney Paralegal Inc
4041 Preston Hwy
Louisville, KY 40213
(502) 366-6040
Paralegals
Franklin and Rapp
1001 Monarch St Ste. 120, Ste 120
Lexington, KY 40513
(513) 370-5726
Personal Injury Law Attorneys,  Criminal Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce
Amanda Rogers Blincoe
105 E Flaget Av
Coxs Creek, KY 40013
(502) 348-5300
Attorneys,  Family Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Wills, Trusts & Estate
Stout Heuke P S C
200 High Rise Dr # 252
Louisville, KY 40213
(502) 966-3347
Attorneys, General Practice Attorneys
Martin R Douglas
1031 Wellington Way
Lexington, KY 40513
(859) 327-3320
General Practice Attorneys, Attorneys, Legal Service Plans
Gorham Charles W
3151 Beaumont Centre Cir # 200
Lexington, KY 40513
(859) 255-2711
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans, Employee Benefits & Worker
G. Christopher Van Bever, P.S.C. Attorney-at-Law
4704 Waterside Court
Lexington, KY 40513
(859) 321-2588
General Practice Attorneys, Business Law Attorneys
Bryan Gowin
1000 Trevilian Way
Louisville, KY 40213
(502) 708-2332
Attorneys, General Practice Attorneys
Adams Hayward & Welsh
4036 Preston Hwy
Louisville, KY 40213
(502) 584-2111
Labor & Employment Law Attorneys, Attorneys, Corporation & Partnership Law Attorneys, Legal Service
Musselwhite Meinhart & Staples
3103 Fern Valley Rd
Louisville, KY 40213
(502) 384-1968
General Practice Attorneys, Attorneys
Wohlander Law Office PSC
1031 Wellington Way
Lexington, KY 40513
(859) 309-1691
General Practice Attorneys, Attorneys, Legal Service Plans
Wiser Hemlepp & Assoc
4245 Palmetto Dr
Lexington, KY 40513
(859) 219-1295
Attorneys
Woolley Billie Sue
3121 Wall St
Lexington, KY 40513
(859) 223-1200
Family Law Attorneys, Attorneys, Legal Service Plans
Troutman Michael W
4740 Firebrook Blvd
Lexington, KY 40513
(859) 253-0991
Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US