When two or more individuals merge together to create a partnership in business, it is always advisable to have a well-drafted Partnership Agreement that carefully outlines the terms of the business relationship.
A Partnership Agreement is a written contract between partners in a partnership that dictates the terms and conditions of the business relationship between the two, such as percentages of ownership, an outline of management powers, and the distribution of profits and losses.
General Partnership Agreement Form
Free Partnership Agreement Form
Small Business Partnership Agreement Form
Sample Partnership Agreement Form in PDF
Partnership Agreement Project Form
Here are a couple of reasons as to why you would need a Partnership Agreement:
To Steer Clear of Disputes
One of the most basic and crucial reasons as to why business partners need to have a Partnership Agreement is to help avoid conflict or disputes that may later on arise between both parties. Partnership Agreements serve as a clear outline of set roles and obligations to avoid misunderstandings and disputes that may arise pertaining to ownership division, roles and obligations of either party, and the division of assets.
Partnership Agreements are contracts that are legally binding. Partnership Agreements are a written means of agreement that allow both parties to tailor their relationship in a way that best suits their business and establishes equal distribution of profits and loses, responsibilities, and procedures for every partner.
Whipping up a Partnership Agreement takes time and money. Aside from that, you have to be extra careful with the contents indicated in the agreement and make sure that it covers the necessary terms that you are looking for in a Partnership Agreement. Our free Agreement Forms, Business Partnership Agreement Forms cover the basic and important details that are crucial to an agreement.
Domestic Partnership Agreement Form
Limited Partnership Agreement Form
Partnership Dissolution Agreement Form
Partnership Contract Agreement Form
Joint Partnership Agreement Form
Here are what an ideal Partnership Agreement should contain:
The initial details of a Partnership Agreement should typically contain basic information such as the name of the partnership, the name of the company or entity it is doing business with, the names of each partner, the type of partnership and its length.
General Partnership is a type of partnership that allows equal management and profit sharing while a Limited Partnership is where one manages the partnership and that individual is solely liable for its debts and obligations while the other is merely an investor.
Partnership Agreements should be able to address the initial capital required of each partner and on which circumstance should additional capital be called for as well as additional financial information or accounting requirements.
Generally, each partner has a right to manage and operate the partnership by the mere fact that he is a member of the partnership. Partnership Agreements may provide a clause that specifies the right of each partner and his corresponding percentage of the profit depending on the percentage of contribution attributed to the business.
Transfer of Interest
Finally, a Partnership Agreement should contain a portion devoted to addressing the transfers of ownership and its general provisions and choice of law for when disputes arise.
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