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Do you need a partnership agreement before moving forward?

Partnerships can act as an important aspect of a thriving business. You may find yourself feeling excited and confident when you feel ready to move forward with your company with the person you choose as your partner. Of course, no matter how excited you are or how perfect you think your business partner is, you may not want to move too quickly.

Before making any important business decisions, it would prove wise for you to consider creating a partnership agreement. You may initially think that having terms on paper is unnecessary because you and your partner came to verbal agreements. However, relationships can change over time, and confusion and stress can quickly infiltrate business endeavors. A contract could help keep certain aspects clear.

Contract information

Your partnership agreement will need to include various information. To start off simply, you may want to consider your partnership name, check its availability and register it with the county clerk's office. After completing these steps, you will need to include the name of the partnership in the agreement (and any other related documents).

You may also want to utilize your partnership contract to detail who will take on which roles and responsibilities. By taking the time to include these in the agreement, you could ensure that everyone involved understands the authority and power he or she has. This information could help prevent unauthorized agreements or transactions from taking place.

You can also use your partnership agreement to indicate how to resolve disputes. Because litigation can take a considerable toll on businesses, you may want to add an arbitration clause or other form of alternative dispute resolution clause. This could help keep disputes out of the courtroom and, instead, allow each party to participate in a civil discourse with a neutral third party.

Creating a contract

Because partnership contracts are legally binding, you want to ensure that the terms are enforceable and work in your best interests. It may take some time before the final agreement comes to fruition, and some negotiation may also need to take place. Fortunately, you do not have to work through the process alone.

Obtaining information from legal professionals in regard to creating partnership agreements could help you understand your options, what to include and in what ways your contracts could prove beneficial. Utilizing local resources could help you gain that applicable information.

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