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 12534

Key Elements of a Business Partnership Contract in Zip Code 12534


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 NY Partnership Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Zip Code 12534
Koweek Cranna & Mcevoy PC
445 Warren St
Hudson, NY 12534
(518) 828-9985
Attorneys, Real Estate Attorneys, General Practice Attorneys, Legal Service Plans
Meyers Victor M
436 Union St
Hudson, NY 12534
(518) 828-9444
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Charles F Foote PC
414 Union St
Hudson, NY 12534
(518) 822-9309
Abstracters, Attorneys, Real Estate Attorneys, Title Companies, Legal Service Plans
Spinac Mitchell H
72 Green St
Hudson, NY 12534
(518) 828-7775
Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Corp
Howard, Michael C - Michael C Howard
118 Green St
Hudson, NY 12534
(518) 828-6110
Attorneys,  Criminal Law Attorneys,  Real Estate Attorneys,  Personal Injury Law Attorneys,  Insuran
Dallvechia Emmy
115 Green St
Hudson, NY 12534
(518) 828-5111
Employee Benefits & Worker Compensation Attorneys, Attorneys, Labor & Employment Law Attorneys, Gene
Dall Vechia J
115 Green St
Hudson, NY 12534
(518) 828-5111
Employee Benefits & Worker Compensation Attorneys, Attorneys, Labor & Employment Law Attorneys, Gene
Couch John C
431 Warren St
Hudson, NY 12534
(518) 828-4101
Attorneys, General Practice Attorneys, Insurance, Title Companies
Sack Barry D
541 Warren St
Hudson, NY 12534
(518) 828-3900
Family Law Attorneys, Attorneys, Legal Service Plans
Greenberg Mark D
4 E Court St
Hudson, NY 12534
(518) 828-3336
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans
Cohen Jonathan
4 E Court St
Hudson, NY 12534
(518) 828-2918
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Connor Jr John
76 Green St
Hudson, NY 12534
(518) 828-2712
Attorneys, Legal Service Plans
Douglas E. Coleman, P.C.
414 Union St., POB 1219
Hudson, NY 12534
(888) 859-2475
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Traffic Law Attorneys
Hogle & Donohue Attorneys
446 Warren St
Hudson, NY 12534
(518) 392-2345
General Practice Attorneys, Attorneys
Gold Marc I
12 Hudson St
Hudson, NY 12534
(518) 758-2100
Accident & Property Damage Attorneys,  Attorneys,  Real Estate Attorneys,  Legal Service Plans
Miner Lance
6 W Court St
Hudson, NY 12534
(518) 828-0327
Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Real Estate Attorneys, G
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US