Make sure your business runs smoothly when you enter into a partnership agreement with one or more individuals with a partnership agreement. Avoid potential conflict by preparing a detailed and complete agreement of what is expected of the partners and how the business will be run under the new partnership. This partnership agreement covers essential elements such as who the partners are, their capital contributions, their rights and responsibilities, and what will happen if and when they decide to leave the partnership.
when you and one or more other individuals want to create – or have already created – a business in partnership with each other and you want to make clear:
The partners’ capital contributions
How profits are split
How decisions are made
What is expected of the partners
What happens if a partner wants to leave
Who the partners are
Partners’ capital contributions and profit shares
Partners’ duties and entitlements
Management and decision-making
Partners leaving
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