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 Owings Mills, MD

Key Elements of a Business Partnership Contract in Owings Mills, MD


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 MD Partnership Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Owings Mills, MD
Hitt Cynthia
10 Crossroads Dr # 105
Owings Mills, MD 21117
(410) 363-9600
Attorneys, General Practice Attorneys, Legal Service Plans
Berger Joel L
9505 Reisterstown Rd Ste 3N
Owings Mills, MD 21117
(410) 581-9000
Attorneys, Legal Service Plans
Benter Don
9505 Reisterstown Rd Ste 3N
Owings Mills, MD 21117
(410) 581-9000
General Practice Attorneys, Attorneys, Legal Service Plans
Mervis Lisa Lynn
9505 Reisterstown Rd Ste 3N
Owings Mills, MD 21117
(410) 581-9000
Attorneys, Legal Service Plans
Silverman Steven D
9505 Reisterstown RD
Owings Mills, MD 21117
(410) 581-9000
General Practice Attorneys, Attorneys
Bixler Neil J
9755 Mill Centre Dr
Owings Mills, MD 21117
(410) 654-8904
General Practice Attorneys, Attorneys, Legal Service Plans
Jason Ostendorf Law Office
10451 Mill Run Cir # 400
Owings Mills, MD 21117
(410) 356-8859
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
Blades Tracy
10451 Mill Run Cir
Owings Mills, MD 21117
(410) 356-8844
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Services,  Bankruptcy Law
Richard Miller Law Offices
10451 Mill Run Cir
Owings Mills, MD 21117
(410) 356-8844
Attorneys, General Practice Attorneys, Legal Service Plans, Bankruptcy Services, Bankruptcy Law Atto
Mitchell and Moran
10451 Mill Run Cir
Owings Mills, MD 21117
(410) 356-8817
Attorneys, Legal Service Plans
Gershon Willoughby & Getz
10 Crossroads Dr Suite 203
Owings Mills, MD 21117
(443) 394-8800
Product Liability Law Attorneys, Attorneys, Legal Service Plans
Valuation & Litigation Support
25 Crossroads Dr # 402
Owings Mills, MD 21117
(410) 581-8611
Attorneys Support & Service Bureaus,  Attorneys Referral & Information Service,  Attorneys,  Legal S
Agbaje Law Firm PC
10055 Red Run Blvd # 140
Owings Mills, MD 21117
(443) 660-8609
General Practice Attorneys,  Attorneys Referral & Information Service,  Attorneys,  Legal Service Pl
Meyer Jean
211 Gwynnbrook Ave
Owings Mills, MD 21117
(410) 654-8607
Attorneys, Legal Service Plans
Yablon Jeffrey
10220 S Dolfield Rd Ste 200
Owings Mills, MD 21117
(443) 738-8390
General Practice Attorneys, Legal Service Plans, Attorneys
Plaxen Bruce M
10451 Mill Run Cir # 400
Owings Mills, MD 21117
(410) 730-7737
General Practice Attorneys, Attorneys, Legal Service Plans
Michael D Steinhardt PC
10451 Mill Run Cir
Owings Mills, MD 21117
(410) 766-7630
Attorneys
James J. Farley
6 Park Center Ct
Owings Mills, MD 21117
(866) 532-7539
Attorneys, General Practice Attorneys, Legal Service Plans
Bartnik Keith Blair
10451 Mill Run Cir # 400
Owings Mills, MD 21117
(410) 363-7339
Attorneys, Legal Service Plans
Betts Aquanetta
10451 Mill Run Cir # 400
Owings Mills, MD 21117
(443) 562-6946
Attorneys
Freedman Michael A
10019 Reisterstown RD
Owings Mills, MD 21117
(410) 363-6848
Russell Nickman
25 Crossroads Dr
Owings Mills, MD 21117
(410) 356-6823
Attorneys, General Practice Attorneys, Legal Service Plans
Goodman Leonard
11421 Reisterstown Rd
Owings Mills, MD 21117
(410) 356-6595
Attorneys, General Practice Attorneys, Legal Service Plans
Lion Financial Corp
10220 S Dolfield Rd Ste 100
Owings Mills, MD 21117
(800) 711-6210
Bankruptcy Law Attorneys, Financial Services, Bankruptcy Services
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US