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 Hauppauge, NY

Key Elements of a Business Partnership Contract in Hauppauge, 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 Hauppauge, NY
Hedayati Law Group, P.C.
900 Wheeler Road, Suite 225
Hauppauge, NY 11788
(631) 775-9900
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Immigration Law Attorneys,  Real Estate Attor
Kevin J Maloy
742 Veterans Hwy Ste 200
Hauppauge, NY 11788
(631) 265-9650
Traffic Law Attorneys, Attorneys, Criminal Law Attorneys, Real Estate Attorneys
Malloy Kevin J
742 Veterans Hwy Ste 304
Hauppauge, NY 11788
(631) 265-9650
Criminal Law Attorneys, Estate Planning Attorneys, Attorneys
Lisa S. Fine, P.C.
900 Route 111 Suite 220
Hauppauge, NY 11788
(631) 361-9600
Personal Injury Law Attorneys
Daniel Collins
523 Townline Rd Ste 15
Hauppauge, NY 11788
(631) 265-9494
General Practice Attorneys, Attorneys
P Martin Inc
175 Northfield Rd
Hauppauge, NY 11788
(631) 656-8997
Criminal Law Attorneys, Attorneys
Rosenthal & Mintz LLP
330 Motor Pkwy # 300
Hauppauge, NY 11788
(516) 682-8500
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Atto
Spina Frank G
300 Rabro Dr
Hauppauge, NY 11788
(631) 342-8388
General Practice Attorneys, Attorneys, Legal Service Plans
Lisa S Fine ESQ
900 Wheeler Rd Ste 220
Hauppauge, NY 11788
(631) 406-7600
Attorneys, Legal Service Plans
Langelia, Michael S - Michael S Langella Pc
888 Veterans Hwy Ste 410
Hauppauge, NY 11788
(631) 285-7500
Personal Injury Law Attorneys, Litigation & Tort Attorneys, Attorneys
Desena & Sweeney
1383 Veterans Hwy Ste 32
Hauppauge, NY 11788
(631) 360-7333
Attorneys, Legal Service Plans, General Practice Attorneys
Ian S. Mednick, P.C.
1600 Calebs Path Extension
Hauppauge, NY 11788
(631) 780-7081
Mediation Services, Divorce Attorneys, Family Law Attorneys
Court Reporters
1355 Motor Parkway
Hauppauge, NY 11749
(877) 337-6968
Attorneys Referral & Information Service,  Business Litigation Attorneys,  Civil Litigation & Trial
Court Reporters
1355 Motor Parkway
Hauppauge, NY 11749
(877) 337-6968
Attorneys Referral & Information Service, Business Litigation Attorneys, Civil Litigation & Trial La
Gregory A Goodman, P.C.
150 Motor Pkwy Ste 401
Hauppauge, NY 11788
(631) 439-6814
Consumer Law Attorneys, Attorneys
Mellert Law
200 Motor Pkwy # A3
Hauppauge, NY 11788
(631) 232-6600
Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Personal Property Law Att
Gary M Mionis
330 Motor Pkwy Ste 300
Hauppauge, NY 11788
(631) 231-6202
General Practice Attorneys, Attorneys
Weiner Lesniak
888 Veterans Hwy Ste 540
Hauppauge, NY 11788
(631) 232-6130
Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Atto
Carolyn Bott - O'Regan, M.S., Mediator
150 Motor Pkwy
Hauppauge, NY 11788
(631) 949-6115
Family Law Attorneys, Attorneys, Juvenile Law Attorneys, Legal Service Plans
DeSocio & Fuccio, P.C.
245 Marcus Blvd
Hauppauge, NY 11788
(631) 231-6049
Estate Planning Attorneys, Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorne
Suffolk County Bar Assoc
560 Wheeler Rd
Hauppauge, NY 11788
(631) 234-5511
Attorneys Referral & Information Service, Attorneys, Legal Service Plans
Keahon William J
1393 Veterans Hwy Ste 312N
Hauppauge, NY 11788
(631) 361-5360
General Practice Attorneys, Attorneys
Villanova Donna J
1393 Veterans Hwy Ste 214N
Hauppauge, NY 11788
(631) 265-5344
Attorneys, Legal Service Plans
McCarthy Michael
180 Oser Ave Ste 800
Hauppauge, NY 11788
(631) 617-5325
Attorneys, General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US