15 Doc Business Partnership Agreements

 

Are you getting ready to start a business partnership? This is a business startup that typically happens when two people get together and start a business, although there can be more than two in the partnership. You most likely need a business partnership agreement either way and here is further proof of that notion.

Of course, a business partnership with more than two partners is even more complicated than one with only two, but the logistics are still the same. It must be decided who will be responsible for each different aspect of the business and make the decisions concerning this aspect in the best way possible. Is one partner more adept at making financial decisions? Then you would certainly want that person to make those decisions, right?

The problem arises when disagreements, whether friendly or downright hostile, occur and cannot be resolved. If this happens you really must either have 1) a plan in place to resolve the issue by other means, or 2) outside help in making a decision which will be agreed upon by all partners, such as a third-party trusted friend. Either way, problems must be solved so the business can move forward, many businesses fall apart when bad decisions are made that adversely affect the finances, inventory, or customer relations aspects of the business.

Here are some typical issues that need to be resolved or decided before the business can be started:

Division of Responsibilities – Basically who is responsible for doing what in the business, from hiring and firing employees to taking care of banking and finances, these things need to have someone that will knowingly be active in performing them on a daily basis.

Percentage of Ownership – If it is only two people, you might assume it’s a 50/50 business partnership. However, this is not always the case as one partner may be contributing much more capital or other assets to the business. One partner may have a much more important role in overseeing the business and thus command a larger share of ownership. This obviously should be worked out ahead of time.

Profits, Losses, and Salaries – In most businesses, either a salary of the sort is expected if indeed a profit is being made. This should be decided ahead of time so no disagreements as to how much money is taken from the business by either partner. Not only profits should be split, but also losses.

Partner Status and Admitting New Partners – There may come a time when a new partner is needed, either to inject capital into the business or simply to allow more talent and experience to help the business thrive. Rules should be put into place allowing such an addition to the partnership. Also, allowance should be made if one partner wants or needs to leave the business, either by retirement, illness, or other concerns.

Another thing to consider is that each state (except Louisiana) has what are referred to as laws governing partnerships, contained in what’s referred to as “The Uniform Partnership Act” or “The Revised Uniform Partnership Act”.

These laws were originally set into motion in 1914 by the U.S. Congress, and have since been revised by most states to conform to their particular standards. These statutes establish the basic legal structure that applies to business partnerships and controls many aspects of your partnership unless you set up different rules in a written business partnership agreement. This is another reason, among many, that you really must have a written partnership agreement in order save yourself legal problems down the road.

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Business Partnership Agreement Sample Agreements:




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