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Partnership Agreement Drafting

A partnership agreement is a written agreement between two or more individuals who join as partners to form and carry on a for-profit business.

Partnership agreement includes –

Percentages of ownership and distribution of profits and losses

Description of management powers and duties of each partner

Term (length) of the partnership

How the partnership can be terminated

How a partner can buy his/her share of the partnership.

 

The Importance of the Partnership Agreement

 

1 It Defines partners Roles and Responsibilities

2 Helps in Structure Building

3 How much each partner will invest

3 Disputes resolution

4 Financial Responsibilities

5 How the money will be Withdrawal

6 How new partners are admitted

7 Liability of Partners

 

Other Clauses which are important in a Partnership Agreement

1 NON Disclosure agreement

2 NON-Compete agreements

3 Mediation

Why prepare a partnership agreement from attorney

 

Getting an attorney to help you with the process of preparing your partnership agreement seems like it's an expensive waste of time. It's not. Remember, if it isn't in writing, it doesn't exist, so putting every possible situation or contingency into a partnership agreement can prevent expensive and time-wasting lawsuits and hard feelings between the partners.

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