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 39402

Key Elements of a Business Partnership Contract in Zip Code 39402


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 MS Partnership Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Zip Code 39402
Cook Jr James A
1 Willow Bend Dr
Hattiesburg, MS 39402
(601) 264-9490
Attorneys, Legal Service Plans
Taylor George B
6068 U S Highway 98 Ste 1
Hattiesburg, MS 39402
(601) 270-9305
Social Security & Disability Law Attorneys, Attorneys, Social Security Services, Legal Service Plans
Barnes Michael R
32 Office Park Dr
Hattiesburg, MS 39402
(601) 271-9031
Attorneys
Barnes & Green
32 Office Park Dr
Hattiesburg, MS 39402
(601) 271-9031
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans,
Farris, Jonathan
6645 U S Highway 98
Hattiesburg, MS 39402
(601) 271-8757
Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law
Jude & Assoc
6424 U S Highway 98
Hattiesburg, MS 39402
(601) 579-8411
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family Law Attorneys,  Labor & Employment
Matthews and Stroud
48 Liberty Pl
Hattiesburg, MS 39402
(601) 579-8400
Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Family Law Attorneys,  Wills, Trust
Stroud, Howard M
48 Liberty Pl
Hattiesburg, MS 39402
(601) 579-8400
Attorneys, Wills, Trusts & Estate Planning Attorneys
Mars, Joshua A Mc Leod & Assoc PA
10 Professional Pkwy
Hattiesburg, MS 39402
(601) 545-8299
Estate Planning Attorneys, Attorneys, Tax Attorneys, Business Law Attorneys
McLeod And Associates PA
10 Professional Pkwy
Hattiesburg, MS 39402
(601) 545-8299
Corporation & Partnership Law Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  B
Morris Bart LTD
6 Plaza Dr
Hattiesburg, MS 39402
(601) 583-8000
Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Maura Mclaughin Law Office
14 98 Place Blvd
Hattiesburg, MS 39402
(601) 579-7500
Attorneys, General Practice Attorneys, Legal Service Plans
Mc Laughlin Maura
14 98 Place Blvd
Hattiesburg, MS 39402
(601) 579-7500
Attorneys
Copeland Cook Taylor and Bush PA
110 Sheffield Loop
Hattiesburg, MS 39402
(601) 264-6670
Attorneys, Legal Service Plans
Bustin Carol Ann
32 Office Park Dr
Hattiesburg, MS 39402
(601) 268-6551
Real Estate Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Estes Bustin Carol Ann
104 S 37th Ave # 30
Hattiesburg, MS 39402
(601) 268-6551
Attorneys
Mchugh Fuller Law Group
108 Shadow Ridge Rd
Hattiesburg, MS 39402
(601) 255-5798
Medical Law Attorneys
John I Hanbury PC
11 Willow Bend Dr
Hattiesburg, MS 39402
(601) 582-5575
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Corporation & Partnership Law Attorneys,  B
Hu'cheryl Walker
5 Willow Bend Dr
Hattiesburg, MS 39402
(601) 336-5554
Attorneys, Legal Service Plans
Cosmich Simmons & Brown P
32 Millbranch Rd
Hattiesburg, MS 39402
(601) 450-5050
Attorneys, Title Companies
Williams Williams & Montgomery
140 Mayfair Rd
Hattiesburg, MS 39402
(601) 602-4705
Accident & Property Damage Attorneys,  Civil Litigation & Trial Law Attorneys,  Personal Injury Law
Ramsay, J Robert
106 Madison Plz
Hattiesburg, MS 39402
(601) 264-4499
Attorneys, General Practice Attorneys, Legal Service Plans
Lee Law Firm
22 Millbranch Rd Ste 100
Hattiesburg, MS 39402
(601) 583-4447
Personal Injury Law Attorneys, Attorneys, Labor & Employment Law Attorneys, General Practice Attorne
Carmody Victor W Jr
781 Liberty Pl
Hattiesburg, MS 39402
(601) 582-4384
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US