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Indeed, it is unlikely that a statute would cover all matters that might arise in the course of a partnership`s business activities and that it may be necessary to supplement them by law or case law [Note 4]. They assume that nothing can or will go wrong. They trust each other so much that they never bother to get a written partnership agreement. What could go wrong in this scenario? The short answer: A LOT! While these free online business partnership agreement templates are great for helping you get started and thinking about what to include in your agreement, it`s always best to have your draft contract reviewed by a lawyer and help you review and complete the document before signing it. Once a lawyer confirms that your business partnership agreement is complete and legally binding, you and your partners can sign it to make it official. Key Perspectives: Business Partnership Agreements should be general and detailed in how they articulate internal processes, financial considerations, dispute resolution, liability and dissolution. Although each partnership agreement differs depending on the business purpose, certain conditions must be detailed in the document, including the percentage of ownership, the sharing of profits and losses, the duration of the company, decision-making and dispute resolution, the authority of the partner and the exit or death of a partner. "Partnership agreements need to be well drafted for a variety of reasons," said Laurie Tannous, owner of Tannous & Associates Inc. "One of the main reasons for this is that the desires and expectations of partners change and vary over time. A well-written partnership agreement can meet these expectations and give each partner a clear map or plan of what the future holds.

The partners involved in a general commercial company are responsible for all debts or legal matters arising from the company. Even if a partner terminates the business relationship, it is liable, unless otherwise stated in the contract and the other partners assume responsibility. A written partnership agreement should contain provisions that protect minority partners. Such a clause, the "tag along" provision, protects minority owners in the event of a takeover by third parties. If a majority shareholder sells its shares to a third party, the minority shareholder has the right to participate in the transaction and sell its shares on similar terms. The advantage for the minority owner is that he can avoid being in business with an unwanted new co-owner. This provision also ensures that all partners receive similar takeover offers and protects minority owners from having to accept much less attractive offers. These agreements are mainly used for for-profit business efforts and may involve more than two parties. It is very common for individuals to enter into partnerships, but certain types of businesses may also be involved. For example, an LLC may partner with a company, or an LLC may work with individuals. .

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