Partnership Agreement Kit
What Is A Partnership Agreement
A partnership is an association of two or more persons
for the purpose of conducting business. Although the partnership can
declare bankruptcy and limit some liability, it is not normally regarded
as a legal entity like a corporation.
There are two types of partnerships -- the general
partnership and the limited partnership.
In a general partnership, all partners share in both
the profits and responsibilities of the business. Unless otherwise spelled
out in the partnership agreement, each partner has one vote, no matter how
much he has contributed to the business. A general partnershipis the most
popular partnership.
A limited partnership is an arrangement where a person
or company invests in an unincorporated business and still gains limited
liability protection. However, they do not possess any management powers.
(The legal documents in this kit havebeen designed for a general
partnership only.)
A partnership begins with an agreement, which can be
spoken, written or simply a matter of understanding. Good friends who
decide to form a partnership may not feel it necessary to reduce their
arrangements to writing. However, experience proves that it makes sense to
draw up an agreement. Any point that is covered in the partnership
agreement is subject to state law.
If you decide that a Partnership Agreement is what
your business requires, this kit will make the process simple, quick and
easy.
Complete forms and instructions with optional 3.5 inch software disk.
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