Have you done business with a partner and have you ever written a deal? What would you have done differently? Share your stories or questions in the comments. A partnership is a business structure that is used when two or more people go into business together. In a partnership business structure, it is important that you and your partners formalize the terms of the partnership in writing. A partnership agreement regulates important issues such as how decisions are made, what happens when a partner wants to leave the company, and how disputes are handled. At Sprintlaw, we have a team of experienced lawyers who can help you develop or revise your partnership agreement. Contact one of our advisors to discuss how we can help you prepare your partnership agreement and any other legal issues your company may have. In reality, two companies or partnerships are not equal. State rules may not be as accommodating to your single partnership agreement or your business. The great advantage of a written agreement is that the fate of your business (current and future destiny) is in the hands of your company. In particular, written partnership agreements offer you and your partner the opportunity to formally address the authority, management and control of the company, capital contributions, profit and loss allocations, future distributions and much more.
In addition, in times of conflict and separation, it is easy to find a clear understanding and a solution. The creation of a partnership agreement may seem discouraging, as it is difficult to know what should be included and how to formulate it. It`s a good idea to invest in a lawyer to help you through this process, as these are one-time fees that can save you from litigation and long-term liability. Partnerships can be complex depending on the size of the activity and the number of partners involved. The creation of a partnership agreement is a necessity to reduce the potential for complexity or conflict between partners within this type of business structure. A partnership agreement is the legal document that determines how a business is managed and describes the relationship between the different partners. Each of the partners will sign the partnership agreement.