Creating Your Own Partnership Contract

Author: Bob Golden

Author: Bob Golden

One of the ways by which you can save on lawyer fees is by ensuring that you have done your homework and that you have all the documents that you need. For example, you can already create a draft of any contract that you would like to enter to and just seek the advice of a lawyer to see if there are things you have not included. This way, you only need to pay for the consultancy services instead of having to enter a retainer agreement.

Unfortunately, creating a comprehensive contract may seem to be a daunting task especially if you do not have any legal background. In reality, creating, for example, a partnership agreement can be quite a breeze.

One of the things that you need to keep in mind when creating a partnership contract is that your first four paragraphs should lay down some basic information between you and the other party, your partner. This includes the name of the partnership, the people involved in the partnership, the nature of the business, and where the business would be conducted. If, for instance, your partnership has a different name as the company you are putting up, you would need to indicate a clause stating the name your company would be doing business as.

The business law contract covering your partnership should also indicate the duration of the partnership, how much capital each partner would be making, the capital accounts, and the drawing accounts. You would also need to specify how the depreciation or the gain or loss of property would be allocated.

The rest of the paragraphs in your business law contract for your partnership are dedicated on the nitty-gritty of your partnership. These parts should contain clauses defining what fiscal year the company would be using, how loans by partners would be treated, how much each partner would be getting, what the effect would be to the contract f a partner dies, how the contract is to be terminated, and what happens if there a partner decides to work for a direct competitor. Once you have covered these areas, you can safely get in touch with lawyer and have him or her review the agreement.

When creating a partnership agreement, keep in mind that you have to take into consideration existing federal and state laws. For example, if you would be doing business in Colorado, you have to be aware and put a clause in your agreement on how you would handle verbal agreements as Colorado contract law deems verbal agreements as enforceable.About the Author:

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