Easy Questions  
Free Legal Documents

Key Elements of a Business Partnership Contract in Charlestown, NH

Key Elements of a Business Partnership Contract in Charlestown, NH


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 NH Partnership Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Charlestown, NH
Mondesir Helen and Michael
260 Spruce St
Manchester, NH 03103
(603) 935-7724
Attorneys
Tshuma Promise
20 Bog Rd Apt 301
Concord, NH 03303
(603) 224-6722
Attorneys, Legal Service Plans
Geiger Jr Glenn G
347A Village St
Concord, NH 03303
(603) 753-4381
Attorneys, Legal Service Plans
Heiser Richard W
347 Village St # A
Concord, NH 03303
(603) 753-4381
Attorneys
Donovan Michael
72 N Main St
Boscawen, NH 03303
(603) 224-4230
Attorneys
Daskal T
296 Manchester St
Manchester, NH 03103
(603) 627-4129
Attorneys
Garrity Paul J
309 Pine St
Manchester, NH 03103
(603) 626-3010
Attorneys, Insurance Attorneys
Paul J Garrity Law Offices
309 Pine St
Manchester, NH 03103
(603) 626-3010
Insurance Attorneys, Attorneys, Criminal Law Attorneys
Halvorsen Law Ofc
1 Sundial Ave Ste 510
Manchester, NH 03103
(603) 626-0200
Insurance Attorneys,  Attorneys,  Legal Service Plans,  Litigation & Tort Attorneys
Leahy Peter J
347 Village St
Concord, NH 03303
(603) 753-0001
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US