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 Forest Hills, NY

Key Elements of a Business Partnership Contract in Forest Hills, NY


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 Forest Hills, NY
Pasternack Tilker Ziegler
11821 Queens Blvd
Forest Hills, NY 11375
(718) 222-9800
Attorneys Referral & Information Service, Attorneys
Isaac Abraham
11835 Queens Blvd Suite 1205
Forest Hills, NY 11375
(646) 397-9529
Traffic Law Attorneys, Attorneys, Criminal Law Attorneys
The Law Firm and Mediation Practice of Alla Roytberg, PC
10818 Queens Blvd 5th Floor
Forest Hills, NY 11375
(718) 575-9479
Mediation Services,  Divorce Attorneys,  Family Law Attorneys,  Arbitration & Mediation Attorneys,  
Litigation Center
11821 Queens Blvd
Forest Hills, NY 11375
(718) 261-9273
General Practice Attorneys, Attorneys, Legal Service Plans
Hamburg C Bruce
21 Russell Pl
Forest Hills, NY 11375
(718) 544-9114
General Practice Attorneys, Patent, Trademark & Copyright Law Attorneys, Attorneys
Priest & Carson
7158 Austin St
Forest Hills, NY 11375
(718) 268-9090
General Practice Attorneys, Attorneys
Nathan Erlich P. C.
10818 Queens Blvd 4th Floor
Forest Hills, NY 11375
(347) 741-8839
Attorneys, Bankruptcy Law Attorneys, Real Estate Attorneys
Shah Devang
11655 Queens Blvd # 201
Forest Hills, NY 11375
(718) 261-8803
Attorneys, General Practice Attorneys
Gary E. Rosenberg, P.C.
109-01 72nd Road, Ste. 1A
Forest Hills, NY 11375
(718) 520-8787
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Hecht Warren S
11821 Queens Blvd # 518
Forest Hills, NY 11375
(718) 575-8721
Attorneys, Legal Service Plans
Renfroe Christopher
11835 Queens Blvd # 1420
Forest Hills, NY 11375
(718) 575-8552
General Practice Attorneys, Attorneys, Legal Service Plans
Donald Mastrodomenico, P.C.
107-19 71st Avenue
Forest Hills, NY 11375
(718) 268-8111
Legal Service Plans, Divorce Attorneys, Family Law Attorneys, General Practice Attorneys, Attorneys
Gasser & Hayes Attys
10619 Metropolitan Ave
Forest Hills, NY 11375
(718) 263-8025
General Practice Attorneys, Attorneys
Gladstein & Messinger
11821 Queens Blvd # 614
Forest Hills, NY 11375
(718) 793-7800
Immigration Law Attorneys,  Attorneys,  Immigration & Naturalization Consultants,  Family Law Attorn
Sherman Federman Sambur & Levine LLP
11821 Queens Blvd
Forest Hills, NY 11375
(866) 557-7500
Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys
Alberty Regina, Esq.
11821 Queens Blvd
Forest Hills, NY 11375
(718) 261-7200
General Practice Attorneys, Attorneys, Legal Service Plans
Talero Albert
7150 Austin St # 207
Forest Hills, NY 11375
(718) 261-6780
Attorneys, General Practice Attorneys, Legal Service Plans
Casil Piliero and Zullo
11821 Queens Blvd Ste 507
Forest Hills, NY 11375
(718) 261-6609
Attorneys, Legal Service Plans
Chiariello & Chiariello .
118-21 Queens Boulevard,Suite 603
Forest Hills, NY 11375
(718) 414-6175
Criminal Law Attorneys
Ronald W Ramirez Law Office
10719 71st Ave
Forest Hills, NY 11375
(718) 261-6161
Attorneys,  Accident & Property Damage Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Pers
Gehi & Associates
11821 Queens Blvd, Suite 409
Forest Hills, NY 11375
(718) 263-5999
Legal Service Plans,  Bankruptcy Law Attorneys,  General Practice Attorneys,  Immigration Law Attorn
Yeretz William D
111 15 Qns Blvd
Forest Hills, NY 11375
(718) 544-5967
Attorneys, Legal Service Plans
LISA CATALANO ARBITRATION and MEDIATION SERVICES
67-20 Grand Central Parkway
Forest hills, NY 11375
(917) 796-5760
Legal Document Assistance,  Attorneys Support & Service Bureaus,  Arbitration & Mediation Attorneys,
Michael Dreishpoon
11835 Queens Blvd # 1500
Forest Hills, NY 11375
(718) 793-5555
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Criminal Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US