PARTNERSHIP AGREEMENT
What is a partnership agreement?
A partnership agreement is an agreement between two or more individuals which specifies roles, responsibility, duties, and liabilities of each contracting parties also known as business partners. The intention behind formulating partnership agreement is to enter some sort of business activity in a legal manner.
What are the benefits of partnership agreement?
There are certain benefits of partnership agreement as it provides separate responsibility and duties of each partner and provides solutions to deal with the situation wherein death or losses has suffered to business. Moreover, here are some benefits of partnership agreement enumerated below for better understanding:
How to draft a good partnership agreement?
It is very important to draft a good partnership agreement to avail all the benefits emanating from it and to avoid any dispute for future. Therefore, drafting skills plays an important role and a good drafting skill can safeguard the interest of all the parties for a longer time. In drafting partnership agreement, the draftsman must be very careful and must bear in mind all the foreseeability of disputes which can arise in future depending upon the nature of business.
Nour Attorneys Law Firm works in a highly proficient manner to draft the partnership agreements and secure the interest of our clients. Here are some of the key points required in drafting up of partnership agreements:
KEY POINTS
- Title of the agreement must be clear
- There must be correct details of business with address and names of the parties entering into agreement
- Definition clause must be there which can be used in case of any ambiguity
- Duties and Obligations of all the parties must clearly be specified
- There must be details about the capital contributions of each party
- Decision making and voting rights of the parties
- There must be a clause regarding proper procedure allocation and distribution of profit, expenditure, and losses
- There must be terms and conditions require for the termination of contract
- There must be clear procedure regarding adding of a new partner or removing of existing partner
- There must be clear procedure defined if parties want to dissolve their partnership
- It must also contain solutions in the event of death or disability
Nour Attorneys Law Firm is always committed to provide best advice and results to our clients. Therefore, in case if you need any suggestion or help in relation the matters related to drafting of partnership agreement you can contact us freely. Our team is fully committed to perform their duty and in delivering out the positive results.
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