You have a great business idea and amazing people with you. Now, we can help you breakdown the terms of your partnership on paper.
Our partnership agreements are tailor-suited to your specific business. We'll discuss the important terms, and outline what to do if certain situations arise so you and your partner can focus on your business.
Key considerations of a partnership agreement
Consider how the ownership will be split - does everyone have a 50/50 ownership or is there an uneven split? In the same vein, consider the contributions of each partner to the partnership. Contributions relate to money, time, effort, property.
The partners should establish how the profits, losses, and expenses of the business will be split and which partner will be paid first.
If disputes arise, what are the mechanisms for handling them? Having a dispute resolution process in place will help everyone know how to handle such situations.
What happens in case of death or disability of one of the partners? What will happen to the partnership? Who will get their share?
In case of dissolution, discuss how the partnership will be ended, what are the conditions of withdrawal of one partner.