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 Valley Village, CA

Key Elements of a Business Partnership Contract in Valley Village, 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 Valley Village, CA
McMurray Leslie G
12520 Magnolia Blvd
Valley Village, CA 91607
(818) 505-9902
Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys, Legal Service Plans
Gerber Sharon Attorney Search
5025 Laurelgrove Ave
Valley Village, CA 91607
(818) 762-9389
Attorneys Referral & Information Service, General Practice Attorneys, Attorneys
We The People North Hollywood
12125 Riverside Dr
Valley Village, CA 91607
(818) 762-8647
Family Law Attorneys, Divorce Assistance, Attorneys
Iyke Edwin Aimufua
4717 Laurel Canyon Blvd
Valley Village, CA 91607
(818) 766-8473
General Practice Attorneys, Attorneys, Legal Service Plans
Garber Richard M
12652 Huston St
Valley Village, CA 91607
(818) 762-8120
Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Business Law Attorneys,  Bankruptcy Service
Mitchell A. Karasov
5352 Laurel Canyon Blvd # 100
Valley Village, CA 91607
(818) 508-7192
Elder Law Attorneys, Attorneys
Roller Barbara R
12350 Addison St
Valley Village, CA 91607
(818) 508-6312
Attorneys,  Attorneys Referral & Information Service,  General Practice Attorneys,  Legal Service Pl
Coast
5301 Laurel Canyon Blvd
Valley Village, CA 91607
(818) 980-5254
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Riverside Law Offices
12650 Riverside Dr
Valley Village, CA 91607
(818) 755-4848
Attorneys,  Legal Service Plans,  Wills, Trusts & Estate Planning Attorneys,  Estate Planning Attor
Arsen Pogosov
12802 Albers St
Valley Village, CA 91607
(818) 523-3934
Bankruptcy Law Attorneys
Goffin John
12650 Riverside Dr # 203
Valley Village, CA 91607
(818) 763-3259
General Practice Attorneys, Attorneys, Legal Service Plans
Santander Jorge Vaca
5315 Laurel Canyon Blvd
Valley Village, CA 91607
(818) 762-2474
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Reingold Julia Ann
12139 Riverside Dr
Valley Village, CA 91607
(818) 763-2331
Attorneys, Legal Service Plans
BRONTVEYN LAW GROUP
5410 Rhodes Avenue, Suite 210
Valley Village, CA 91607
(818) 692-1169
Attorneys,  Tax Attorneys,  Estate Planning, Probate, & Living Trusts,  Personal Injury Law Attorn
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US