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 Flemington, NJ

Key Elements of a Business Partnership Contract in Flemington, NJ


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 Flemington, NJ
Hirsch, Guliet D - Archer & Greiner Pc
1 State Route 12 # 201
Flemington, NJ 08822
(908) 788-9700
Estate Planning Attorneys,  Attorneys,  Legal Service Plans,  Family Law Attorneys,  Divorce Attorne
Lochetta Ii, Nicholas J - Archer & Greiner Pc
1 State Route 12 Suite 201
Flemington, NJ 08822
(908) 788-9700
Estate Planning Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Business Law Attorney
Palakow, Gregory J - Archer & Greiner Pc
1 State Route 12 Suite 201
Flemington, NJ 08822
(908) 788-9700
Estate Planning Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Business Law Attorney
Parker John R
260 US Highway 202/31 # 1100
Flemington, NJ 08822
(908) 782-9458
Attorneys, Legal Service Plans
Wolfson William S
260 US Highway 202/31
Flemington, NJ 08822
(908) 782-9333
Attorneys, Legal Service Plans
William G. Tauriello
63 Main St
Flemington, NJ 08822
(908) 968-9261
Bankruptcy Law Attorneys, Business Litigation Attorneys, Attorneys, Probate Law Attorneys, Wills, Tr
Levinson Axelrod
124 US Highway 202/31
Flemington, NJ 08822
(908) 968-9215
Social Security & Disability Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Malpractice Law At
Kuchinsky & Rotunno PC
5 E Main St
Flemington, NJ 08822
(908) 968-9064
Attorneys, Criminal Law Attorneys, Juvenile Law Attorneys, Social Security & Disability Law Attorney
Peterson Erik Attorney
6 Darts Mill Rd
Flemington, NJ 08822
(888) 497-8846
Attorneys, Civil Litigation & Trial Law Attorneys, General Practice Attorneys
Waxman Marvin
96 Main St # 2
Flemington, NJ 08822
(908) 788-8803
General Practice Attorneys, Attorneys, Legal Service Plans
Byrnes Jo Anne
4 Walter E Foran Blvd # 301
Flemington, NJ 08822
(908) 806-8458
Arbitration Services,  Attorneys,  Family Law Attorneys,  Mediation Services,  General Practice Atto
Deutchman & Drews
260 US Highway 202/31
Flemington, NJ 08822
(908) 782-8292
Family Law Attorneys, Litigation & Tort Attorneys, Attorneys, Insurance, Business Law Attorneys
Koester, Anthony E - Dilts & Koester
167 Main St
Flemington, NJ 08822
(908) 782-8200
Attorneys, Labor & Employment Law Attorneys, Business Law Attorneys, Personal Injury Law Attorneys,
Dilts & Koester
167 Main St
Flemington, NJ 08822
(908) 782-8200
Attorneys,  Labor & Employment Law Attorneys,  Business Law Attorneys,  Personal Injury Law Attorney
Winget R Dale
84 Park Ave
Flemington, NJ 08822
(908) 782-7777
Attorneys, Real Estate Attorneys, General Practice Attorneys, Legal Service Plans, Commercial Law At
Schutz Matthew R
40 Coppermine Vlg
Flemington, NJ 08822
(908) 806-7165
General Practice Attorneys, Attorneys
Murgatroyd Anthony J
179 State Route 31
Flemington, NJ 08822
(908) 788-7011
Attorneys,  Workers Compensation & Disability Insurance,  Personal Injury Law Attorneys,  Nursing Ho
Britt J. Simon Law Offices
9 Main St
Flemington, NJ 08822
(908) 788-6000
Not available
Aiello Harris Marth Tunnero
260 US Highway 202/31
Flemington, NJ 08822
(908) 561-5577
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Personal Injury Law Atto
Pellegrino June L
91 Main St
Flemington, NJ 08822
(908) 782-5317
Attorneys, Family Law Attorneys, Legal Service Plans
Roth Lee B
91 Main St
Flemington, NJ 08822
(908) 782-5317
Attorneys, Real Estate Attorneys, General Practice Attorneys, Legal Service Plans
Barnes Jefferson T
171 Main St
Flemington, NJ 08822
(908) 782-5315
General Practice Attorneys, Attorneys
William J Courtney LLC
200 Main St
Flemington, NJ 08822
(908) 905-5024
Attorneys, Commercial Law Attorneys, Business Law Attorneys
John Gallina, Esq.
260 US Hwy 202-31
Flemington, NJ 08822
(877) 516-4913
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Juvenile Law Attorne
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US