When two or more individuals become the owners of a for-profit business, it is not wise to rely on a handshake or spoken understanding. Formalizing your partnership arrangement in writing is vitally important to the success and profitability of a business. By agreeing on the terms of the partnership, and putting that agreement explicitly into writing, you are minimizing the chance of future confusion, conflict, and crisis and taking critical steps towards ensuring the smooth operation of your business.

By formalizing the particulars involved in the operation of your business from the outset-determining a myriad of crucial issues ranging from the division of work to profit sharing to conflict resolution to what happens in case of dissolution of the partnership-you are taking the steps necessary towards avoiding communication break-downs and setting a strong foundation for your business and your business relationship.

If you and your business partners do not use a Partnership Agreement, you will not only be putting yourself at a disadvantage in dealing with disputes when they arise, but you are risking misunderstandings which may then erupt into full-blown legal actions, which carry with them often devastatingly exorbitant costs, not to mention time, effort, hassle, and emotional and mental exhaustion.

Our attorney-prepared Partnership Agreement allows you to structure your partnership relationship in a way that best suits your business and preserves your rights. Moreover, as every state has specific guidelines governing such Partnership Agreements, you will need a form that is compliant with the laws of your state.

This packet identifies and explains many key elements in drafting this document; some of the important provisions incorporated herein include the following:

• Identification of Fundamentals: Ranging from identifying the name of the business to the identification of the principal place of business to providing the residence of the business for legal purposes.
• Monetary Matters: Identifying the structure of how profits and losses will be distributed among the partners.
• Establishing Business: From the basic understanding of the partnership and its purpose to identifying the specific amount of capital contributed or to be contributed.
• Description of Terms of the Agreement: Providing details regarding each term of the Agreement so as to easily tailor the form to your specific needs and best secure the separate provisions of your agreement.
• Explanation of Roles: Sets forth and explains in detail the management of the business and management of the partnership.
• Conflict Resolution: Sets forth the steps to be followed to resolve conflicts should any arise in the course of the partnership.
• Transfer of Interests: Provides information and steps to follow regarding the how and when partnership interests and rights may be transferred.

The packet you available here for purchase was prepared and reviewed by an attorney and includes the following:

1. Checklist & Instruction for drafting and understanding the Partnership Agreement;
2. Description and information regarding the Partnership Agreement form provided; as well as
3. your state Partnership Agreement Form (Long Form)

State Compliant: Our Partnership Agreement provides the necessary compliance with state, in this case your state, and Federal law as well as the tools needed to tailor the Agreement to your specific needs.