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 07940

Key Elements of a Business Partnership Contract in Zip Code 07940


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 NJ Partnership Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Zip Code 07940
Gepford Marsha T
25 Rose Ave
Madison, NJ 07940
(973) 765-9742
General Practice Attorneys, Attorneys
Sharon Bittner Kean
244 Green Village Rd
Madison, NJ 07940
(973) 236-9400
General Practice Attorneys, Attorneys
TY Hyderally PC
14 Main St
Madison, NJ 07940
(973) 408-9260
General Practice Attorneys, Attorneys
Eap & D
1 Giralda Farms
Madison, NJ 07940
(973) 822-9084
Attorneys, Legal Service Plans
Della Torre Gerald R
78 Madison Plz
Madison, NJ 07940
(973) 377-6446
Attorneys, Legal Service Plans
Quinn Colin C
78 Main St
Madison, NJ 07940
(973) 377-5200
General Practice Attorneys, Attorneys, Legal Service Plans
Allocca Ralph P
14 Main St
Madison, NJ 07940
(973) 377-4499
Attorneys, Legal Service Plans
Mezzacca Jr Joseph
230 Main St
Madison, NJ 07940
(973) 822-2720
General Practice Attorneys, Attorneys
Mahr & Mahr
80 Main St
Madison, NJ 07940
(973) 377-1961
Estate Planning Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Business Law Attorney
Van Natten Matthew
135 Main St
Madison, NJ 07940
(973) 443-0888
Attorneys, General Practice Attorneys
Rusen & Co
98 Green Village Rd
Madison, NJ 07940
(973) 410-0446
General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US