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 Fond Du Lac, WI

Key Elements of a Business Partnership Contract in Fond Du Lac, WI


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 WI Partnership Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Related Legal Services near Fond Du Lac, WI
Ullenberg Law Offices
101 Camelot Dr Ste 2B
Fond Du Lac, WI 54935
(920) 924-9878
General Practice Attorneys, Attorneys, Legal Service Plans
Mueller Isabell
19 E 1st St
Fond Du Lac, WI 54935
(920) 960-9552
Attorneys,  Wills, Trusts & Estate Planning Attorneys,  General Practice Attorneys,  Estate Plannin
Bankruptcy Law Office
70 E Division St
Fond Du Lac, WI 54935
(920) 322-9378
General Practice Attorneys, Attorneys
Bankrupcty Richard A Check SC
104 S Main St
Fond Du Lac, WI 54935
(920) 322-9378
General Practice Attorneys,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Everson William
104 S Main St # 706
Fond Du Lac, WI 54935
(920) 322-9130
Patent, Trademark & Copyright Law Attorneys, Attorneys, Criminal Law Attorneys, General Practice Att
Ryan David & Marcia
1221 Winchester AVE
Fond Du Lac, WI 54935
(920) 922-8458
Attorneys
Affordable Divorce Assistance
582 S Main St
Fond Du Lac, WI 54935
(920) 929-7411
Mediation Services,  Legal Forms,  Legal Clinics,  Divorce Assistance,  Attorneys Referral & Informa
O'Malley Anthony L
115 S Main St
Fond Du Lac, WI 54935
(920) 922-7220
Attorneys,  Corporation & Partnership Law Attorneys,  Legal Service Plans,  Employee Benefits & Work
Endejan Frank J
115 S Main St
Fond Du Lac, WI 54935
(920) 922-7220
Attorneys, Legal Service Plans
Everson Law Office
97 S Pioneer Rd
Fond Du Lac, WI 54935
(920) 922-7113
Attorneys, Divorce Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Busi
Pro Se Divorce & Mediation Services SC
131 S Main St
Fond Du Lac, WI 54935
(920) 980-7055
Divorce Attorneys,  Divorce Assistance,  Attorneys,  Family Law Attorneys,  Attorneys Referral & Inf
Zacherl O"Malley & Endejan
115 S Main St
Fond Du Lac, WI 54935
(920) 238-6803
Employee Benefits & Worker Compensation Attorneys,  Family Law Attorneys,  Probate Law Attorneys,  A
A A Sabel Law Office Sc
76 S Macy St
Fond Du Lac, WI 54935
(920) 922-6800
Attorneys,  Family Law Attorneys,  Probate Law Attorneys,  Elder Law Attorneys,  Wills, Trusts & Es
Sager & Colwin Law Offices SC
201 S Marr St
Fond Du Lac, WI 54935
(920) 238-6795
Attorneys
Buss Legal Group SC
131 S Main St
Fond Du Lac, WI 54935
(920) 238-6793
Bankruptcy Law Attorneys, Attorneys
Jones Catherine Flaten
104 S Main St # 620
Fond Du Lac, WI 54935
(920) 923-6644
Attorneys,  Family Law Attorneys,  Adoption Law Attorneys,  Legal Service Plans,  Divorce Attorneys
Fortune Mike
101 Camelot Dr # 1
Fond Du Lac, WI 54935
(920) 929-6599
General Practice Attorneys, Attorneys
Herrick Law Office
101 Wisconsin American Dr
Fond Du Lac, WI 54937
(920) 923-6522
Accident & Property Damage Attorneys, Attorneys
Ondrasek Law Office
195 N Main St
Fond Du Lac, WI 54935
(920) 929-6440
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Wrongful Death At
Fry Law Office
428 N Main St
Fond Du Lac, WI 54935
(920) 923-6302
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Wrongful Death At
Everson Richards & Burdon LL
104 S Main St
Fond Du Lac, WI 54935
(920) 921-6144
Attorneys, Criminal Law Attorneys, Accident & Property Damage Attorneys, Business Law Attorneys, Wil
Andrew Law Office
55 S Main St # 200
Fond Du Lac, WI 54935
(920) 921-6000
General Practice Attorneys, Attorneys, Legal Service Plans
Gaffney Terrence
201 S Marr St
Fond Du Lac, WI 54935
(920) 933-4532
Attorneys, Legal Service Plans
O'Rourke Law Office
21 N Portland St
Fond Du Lac, WI 54935
(920) 924-4488
Juvenile Law Attorneys, Attorneys, Family Law Attorneys, DUI & DWI Attorneys, Traffic Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US