A partnership agreement is a written agreement between two or more partners who own a business. Whether you are going into business with a family member, friend, or business colleague, you want to develop a partnership agreement that outlines how you will manage common business scenarios like management duties, decision-making process, and when and how profits should be divided. Business law attorney Merrilee A. Parr will help you with the legal aspects of starting a business partnership, protecting you from personal liability and helping to prevent internal disputes that could destroy your business and your personal relationship.
Importance of Business Partnership Agreement
A company’s success is often tied to how it is structured. A partnership agreements allows you to structure your business relationship in the best possible way for your business and will detail you and your partner’s rights and obligations. This can include the shares of profits (or losses) each partner will take, the responsibilities of each partner, what will happen to the business if a partner leaves, and other important guidelines. Even the best intentioned business partners will experience a disagreement over the life of the business. Avoid a devastating owner disagreement by clearly defining all aspects of your business partnership with the help of experienced business law attorney Merrilee A. Parr.
Creating a Legal Partnership Agreement
Merrilee A. Parr will help you create a legal partnership agreement that will include:
- Amount of ownership by each partner
- Identify a system for making decisions, including dispute resolution
- Outline management responsibilities and duties
- Plan for adding partners
- How and when salaries will be paid
- Who can incur debt, and who is responsible for paying it back
- Buy-out plan due to death, quitting, termination, or another unforeseen event
- Plan for selling the business
Partnership Agreements Help Avoid Litigation
As a business owner, you want to resolve conflicts as quickly and cost-effectively as possible. A carefully crafted business partnership agreement outlines how disputes will be handled in the future, often allowing you to avoid litigation. Experienced business law attorney Merrilee A. Parr can help you develop your partnership agreement so you can get back to running your business.
Contact an Experienced Business Law Attorney
Don’t wait for a conflict to arise before contacting a business law attorney. Contact Merrilee A. Parr today to schedule a consultation and take the first step toward protecting your business interests. With Merrilee’s help, you can be confident that your business partnership agreement is legally enforceable and protects your business interests.