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 Brownsburg, IN

Key Elements of a Business Partnership Contract in Brownsburg, IN


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 IN Partnership Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Brownsburg, IN
Crowder Daniel A
1055 Patrick Pl
Brownsburg, IN 46112
(317) 852-9900
Attorneys, Estate Planning Attorneys, Wills, Trusts & Estate Planning Attorneys
Helfrich Law Offices
205 East Main Street, Suite C
Brownsburg, IN 46112
(317) 456-5315
Civil Litigation & Trial Law Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  General Pra
Hinkle Harlan H
4377 Westside Dr
Brownsburg, IN 46112
(317) 852-5102
Attorneys
Brauman Law Offices
128 E Main St
Brownsburg, IN 46112
(317) 858-5000
Bankruptcy Law Attorneys,  Divorce Attorneys,  Elder Law Attorneys,  Family Law Attorneys,  Probate
Engel Charles C
41 Motif Blvd
Brownsburg, IN 46112
(317) 852-3407
Attorneys, Legal Service Plans
Thompson Rebecca
1135 Hornaday Rd
Brownsburg, IN 46112
(317) 852-2978
Attorneys
O'hara, Mark S - Hostetter & O'hara
515 N Green St # 200
Brownsburg, IN 46112
(317) 852-2422
Estate Planning Attorneys, Attorneys, Criminal Law Attorneys, Tax Attorneys, Business Law Attorneys,
Heck Sarah E
21 N Green St
Brownsburg, IN 46112
(317) 858-1118
Attorneys,  Social Security & Disability Law Attorneys,  Elder Law Attorneys,  Wills, Trusts & Esta
Hostetter & O'Hara
515 N Green St
Brownsburg, IN 46112
(317) 852-1080
Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys,  General Practice Attorneys,  Se
Fierek Jas H
910 N Green St
Brownsburg, IN 46112
(317) 852-0343
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US