A partnership agreement is a written agreement between partners who are running a business for profit. The agreement explains the relationship each partner has with the partnership business. The partnership agreement also details the rights and obligations each individual has to the business.
Partnership agreements are extremely important when partnering up with other people to run a business because the agreement legally allows you to structure your relationship with your partners in a way that would suit your business. They also detail each of your and your partner’s rights and obligations, in addition to setting out the provisions of running your business partnership.
These agreements will also help resolve any future disputes if they arise and also details the individuals who would have authority to make decisions on behalf of the partnership business.
In order to have a successful business partnership that will operate smoothly, you will want to create an agreement ahead of time that ensures you have an organized structure to your partnership that lets each partner know of their responsibilities as well as how future disputes can be resolved. Some of the basic elements of a partnership agreement are:
A business attorney can help you with the legal aspects of starting a partnership. With the help of a business attorney, you can be confident that your agreement is legally enforceable and business-savvy.
Last Modified: 11-29-2017 01:26 AM PSTLaw Library Disclaimer
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