Partnership Agreements

A partnership agreement is a legal agreement between two or more people that formally regulates an ongoing relationship between partners in a business. The aim of a partnership agreement is to protect the shared intentions and interests of each partner involved in a business pursuit.

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Partnership Agreements for small business

When entering a partnership in business, it’s crucial your business agreements are formalised. A partnership agreement governs and outlines the foundations of the business conduct of your partnership. This legally-binding partnership contract ensures your intentions and goals are clearly communicated, agreed upon and protected, and determines that profits, responsibilities and risks are shared by each partner, as are the actions of individuals within the partnership. It also provides every individual with a blueprint for mediating and resolving any potential disputes.

This written partnership contract clearly outlines the maintenance of the Partnership account, the duties, responsibilities and limitations of each partner, the operation of shares, and the sharing of property, capital and profit (or losses). This beneficial business partnership contract also outlines the specific rules that govern the dissolution of the partnership and the terms regarding retirement, death or the dismissal of a partner.

At Lawbase, we understand that every business partnership is unique, so it’s important to avoid generic templates that are often ambiguous and unenforceable. If you’d like to protect your business agreements with a tailored, personalised partnership agreement, please talk to us today.

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