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 Zip Code 02721

Key Elements of a Business Partnership Contract in Zip Code 02721


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 MA Partnership Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Zip Code 02721
Paul J Pezza
363 So Main St.
Fall River, MA 02721
(508) 536-9999
Estate Planning, Probate, & Living Trusts, Financial Services, Attorneys, General Practice Attorneys
Czerwonka & Bunk Lwyr
226 S Main St
Fall River, MA 02721
(508) 675-8800
Attorneys, General Practice Attorneys, Legal Service Plans
Gunner Sonia M
462 Spring St
Fall River, MA 02721
(508) 675-7909
General Practice Attorneys, Attorneys, Legal Service Plans
Vivian Fiola Leary Law Office
493 William St
Fall River, MA 02721
(508) 678-7809
General Practice Attorneys, Attorneys, Legal Service Plans
Azar Mark
170 Pleasant St # 203
Fall River, MA 02721
(508) 324-7751
General Practice Attorneys, Attorneys
Dussault & Gomes
171 Pleasant St
Fall River, MA 02721
(508) 672-4600
Accident & Property Damage Attorneys, Attorneys, Personal Injury Law Attorneys, Medical Malpractice
Boudreau Sarah G
462 Spring St # 2
Fall River, MA 02721
(508) 675-4588
Attorneys
Igo Daniel R
161 S Main St
Fall River, MA 02721
(508) 679-4387
General Practice Attorneys, Attorneys, Legal Service Plans
Sullivan Williams & Quintin
411 Columbia St
Fall River, MA 02721
(508) 676-3330
Attorneys, General Practice Attorneys
Palmer Law Offices
234 Stafford Rd
Fall River, MA 02721
(508) 567-3290
General Practice Attorneys, Attorneys
Lisa C Luongo Law Offices
515 Stafford Rd
Fall River, MA 02721
(508) 676-1958
General Practice Attorneys, Attorneys
Gately WM J Jr Law Offices
125 Hartwell St
Fall River, MA 02721
(800) 820-1777
General Practice Attorneys, Attorneys
Gately Jr William
171 Pleasant St
Fall River, MA 02721
(508) 324-1700
Attorneys
De Mello Joseph F
171 Pleasant St
Fall River, MA 02721
(508) 676-1700
General Practice Attorneys, Attorneys
Ahearn Timothy
171 Pleasant St
Fall River, MA 02721
(508) 324-1700
Attorneys, General Practice Attorneys
Cabral, Arthur - Dussault & Zatir Law Offices
171 Pleasant St
Fall River, MA 02721
(508) 674-1644
Insurance Attorneys,  Attorneys,  Legal Service Plans,  Labor & Employment Law Attorneys,  Personal
Sara J Frankel Attorney
165 Rodman St
Fall River, MA 02721
(508) 583-0990
Construction Law Attorneys, Attorneys
Sullivan Jane E
624 Brayton Ave
Fall River, MA 02721
(508) 679-0535
Attorneys, General Practice Attorneys, Legal Service Plans
Matthew R Sylvia Law Office
161 S Main St
Fall River, MA 02721
(508) 675-0524
General Practice Attorneys, Attorneys
Dennis Bisio
171 Pleasant St
Fall River, MA 02721
(508) 343-0503
Personal Injury Law Attorneys, Attorneys, Divorce Attorneys
Solomon Michael
161 S Main St
Fall River, MA 02721
(508) 672-0160
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US