Partnership agreements are a must for every partnership relationship as they serve to provide a firm understanding of the business relationship. These agreements can be carefully drafted to suit the needs of all partners and to ensure that the potential for future confusion or disagreement is limited from the outset. Without a partnership agreement, partnership relationships will most likely be governed by default rules put in place by the State. These default rules often go against the interests and understanding of the partners, making it naïve for partners to succumb to the temptation to leave the terms of the partnership up to State laws. As such, a well prepared partnership agreement drafted by an experienced attorney is not only necessary to ensure maximum protection, but essential for the successful operation of a joint venture.
The Justice Attorney Group can prepare a carefully drafted partnership agreement to ensure that all partners in a business are protected. These agreements are very complex yet important contracts between partners which document specific terms and conditions of a partnership relationship including:
- The percentage of ownership
- Distribution of profits and losses
- Capital contributions
- The nature and purpose of the business
- Roles and responsibilities of partners
- Partnership decision making
- Management duties
- Authority of partners
- Admittance of new partners
- Dispute resolution
Contact the Justice Attorney Group to begin your partnership agreement.