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 Holland, MI

Key Elements of a Business Partnership Contract in Holland, MI


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 MI Partnership Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Holland, MI
Siebers Mohney PLC
151 Central Ave # 260
Holland, MI 49423
(616) 394-9881
Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Warner Norcross & Judd LLP
85 E 8th St Ste 310
Holland, MI 49423
(616) 396-9800
Administrative & Governmental Law Attorneys, Legal Service Plans
Van Meter Jeffrey A
1180 Ottawa Beach Rd
Holland, MI 49424
(616) 796-9800
Attorneys,  Probate Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  General Practice At
Doss Law Office PC
301 Hoover Blvd Ste 500
Holland, MI 49423
(616) 396-9793
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Wills, Trusts & Estate Planning Atto
Charles M Ailes Plc
320 120th Ave
Holland, MI 49424
(616) 399-9700
Estate Planning Attorneys, Attorneys, Business Law Attorneys, Real Estate Attorneys
Doyle Group Attorneys PC
927 Illinois Ave
Holland, MI 49422
(616) 335-9321
General Practice Attorneys, Attorneys
Pater Law Office
714 Michigan Ave
Holland, MI 49423
(616) 396-8890
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Attorneys,  Real Estate Attorney
Pater Law Office
704 Michigan Ave
Holland, MI 49423
(616) 396-8883
Collection Law Attorneys,  Divorce Attorneys,  Family Law Attorneys,  General Practice Attorneys,  A
Thinschmidt Donald M PC
235 Central Ave
Holland, MI 49423
(616) 335-8868
Probate Law Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate Attorne
Moritz John Law Offices
610 Butternut Dr
Holland, MI 49424
(616) 399-8830
General Practice Attorneys, Attorneys
Puzycki Kenneth A
380 Garden Ave
Holland, MI 49424
(616) 738-8800
Insurance Attorneys, Attorneys
Mccroskey Law Offices
412 W 24th St
Holland, MI 49423
(616) 399-8317
Social Security & Disability Law Attorneys,  Attorneys,  Corporation & Partnership Law Attorneys,  G
Attorneys & Counselors of Ottawa County
283 Howard Ave
Holland, MI 49424
(616) 540-8183
General Practice Attorneys, Attorneys
Jackson Law
729 Lincoln Ave.
Holland, MI 49423
(616) 403-7682
Estate Planning, Probate, & Living Trusts, Elder Law Attorneys, Estate Planning Attorneys, Attorneys
Uildriks Kenneth J
283 Howard Ave
Holland, MI 49424
(616) 396-7423
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Uildriks, Kenneth J
375 Douglas Ave
Holland, MI 49424
(616) 396-7423
Divorce Attorneys, Accident & Property Damage Attorneys
Culp Michael T
728 E 8th St
Holland, MI 49423
(616) 393-6827
Divorce Attorneys,  Attorneys,  Bankruptcy Law Attorneys,  Probate Law Attorneys,  Family Law Attorn
Stempfly, David
12 1/2 E 8th St
Holland, MI 49423
(616) 355-6673
Divorce Attorneys,  Attorneys,  Bankruptcy Law Attorneys,  Family Law Attorneys
Brian P Mc Nulty PC
36 W 8th St # 250
Holland, MI 49423
(616) 546-6000
Attorneys
Hearn Judith
675 E 16th St
Holland, MI 49423
(616) 392-5297
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Bankruptcy Law Attorneys
Gocha Lisa E
675 E 16th St # 260
Holland, MI 49423
(616) 395-5205
Attorneys, Legal Service Plans
Swaney Richard G
30 E 9th St
Holland, MI 49423
(616) 392-5191
Divorce Attorneys, Attorneys, Legal Service Plans, General Practice Attorneys
Hebert Roy C
675 E 16th St
Holland, MI 49423
(616) 355-5022
General Practice Attorneys, Attorneys
Thomas Kates
348 S Waverly Rd Suite 10
Holland, MI 49423
(616) 399-4700
Legal Service Plans,  Family Law Attorneys,  General Practice Attorneys,  Wills, Trusts & Estate Pl
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US