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 Piedra, CA

Key Elements of a Business Partnership Contract in Piedra, 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 Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Piedra, CA
Hill Bradley J Counselor-Lawyer
575 Price St # 104
Pismo Beach, CA 93449
(805) 773-9911
Business Litigation Attorneys, Personal Injury Law Attorneys, Legal Service Plans
Belzer Hulchiy & Murray Attorneys
3650 Mt Diablo Blvd
Lafayette, CA 94549
(925) 284-9600
Attorneys, Real Estate Attorneys
Price Law Group
3411 Mt Diablo Blvd 2nd Floor
Lafayette, CA 94549
(818) 986-9266
Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Financial Services
David R Socher
3443 Golden Gate Way
Lafayette, CA 94549
(925) 962-9191
Attorneys, General Practice Attorneys
Michael J Kotin
3445 Golden Gate Way
Lafayette, CA 94549
(925) 283-9090
Attorneys, Legal Service Plans
Magany Abbass Law Offices
3445 Golden Gate Way
Lafayette, CA 94549
(925) 283-9088
Attorneys,  Arbitration Services,  Real Estate Attorneys,  Arbitration & Mediation Attorneys,  Estat
Germain Daniel
815 Moraga Dr
Los Angeles, CA 90049
(310) 440-8600
Attorneys, Legal Service Plans
Rosman & Germain Llp
815 Moraga Dr
Los Angeles, CA 90049
(310) 440-8600
Hours are by appointment
Action Care Services
14005 Purche Ave
Gardena, CA 90249
(310) 464-8406
Paralegals
Jackl James V
1080 Carol Ln
Lafayette, CA 94549
(925) 283-8300
Attorneys
Wattson James
330 Ignacio Blvd
Novato, CA 94949
(415) 883-8300
Attorneys, Wills, Trusts & Estate Planning Attorneys
Housing Renaissance Fund
150 S Barrington Ave Ste 1
Los Angeles, CA 90049
(310) 471-8181
Real Estate Attorneys, Attorneys
Southern California Immigration Center
15721 Crenshaw Blvd
Gardena, CA 90249
(310) 973-8080
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Rosenthal & Company
300 Bel Marin Keys Blvd
Novato, CA 94949
(415) 884-8062
Attorneys Referral & Information Service, Attorneys
Investors Recovery Service
2 Commercial Blvd # 203
Novato, CA 94949
(415) 382-7898
Mediation Services, Attorneys, Legal Service Plans
L & L Legal Assistance
13985 Van Ness Ave
Gardena, CA 90249
(310) 516-7703
Attorneys Referral & Information Service, Attorneys
Employment Attorney Services
864 Teakwood Rd
Los Angeles, CA 90049
(310) 921-7058
Corporation & Partnership Law Attorneys, Labor & Employment Law Attorneys, Attorneys
Vogt James D Atty
16535 Park Lane Cir
Los Angeles, CA 90049
(310) 277-6711
General Practice Attorneys, Attorneys
Robert M Klein Law Offices
11611 San Vicente Blvd # 820
Los Angeles, CA 90049
(310) 820-6700
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Gray Humberto R
11726 San Vicente Blvd
Los Angeles, CA 90049
(310) 447-6577
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Kelly Law Group, LLP
P.O. Box 1942
Lafayette, CA 94549
(925) 335-6454
Estate Planning Attorneys
AJB Law Group
985 Moraga Rd Ste 202
Lafayette, CA 94549
(925) 297-6380
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
Berglund Group
149 S Barrington Ave # 181
Los Angeles, CA 90049
(310) 904-6376
Attorneys Referral & Information Service, Arbitration Services, Attorneys
Divorce Centers Of Walnut Creek
3117 Teigland Rd
Lafayette, CA 94549
(925) 937-6320
Paralegals
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US