As businesses enter partnership agreements, they often require legal help. With a lawyer, businesses can outline very important details that can impact the agreement over the long term. With the right business attorney on your side, you can effectively create a safe and secure partnership agreement. When you need help, our team at Bashian & Papantoniou, P.C. is here to stand by your side.
Call our firm today at (516) 447-3148 to speak with a member of our team.
What Are Legal Aspects of a Partnership Agreement?
Business partnerships are governed by a number of different legal rules and regulations. Perhaps the most important of these is the partnership agreement. This document sets forth the rights and obligations of each partner, as well as how the business will be operated. Without a partnership agreement, partners could find themselves in disagreements about important decisions, such as how to divide profits or losses.
A partnership agreement can also help to resolve disputes between partners by providing a clear process for resolving disagreements. In addition, a partnership agreement can protect the interests of each partner in the event that the business is sold or dissolved. For all these reasons, it is essential that any business partnership have a well-drawn up agreement in place.
When Should You Create a Partnership Agreement?
If you’re starting a new business venture and there are multiple shareholders or partners, always take the time to create a shareholder agreement or operating agreement between all of the shareholders or partners.
What Can a Partnership Agreement Do?
This one document can save the company as well as all shareholders and partners a significant amount of time and money avoiding litigation. More importantly the document can be used as a roadmap to operate the business, including all partners or shareholders:
- obligations to the business;
- time commitment to the business;
- general governance of the business; and
- general daily operations of the business.
The shareholder agreement or partnership agreement can also restrict the shareholders’ or partners’ ability to sell their stock or partnership interests to outside third parties (usually implementing a right of first refusal to the shareholders or partners), as well expressly permitting certain types of transfers (for example, transfers to family members).
For more information on creating a partnership agreement, please call the New York City corporate attorneys at Bashian & Papantoniou today.
Business partnership agreements help to protect the interests of both partners in the event that the business fails. Without a written agreement, it can be difficult to determine who is responsible for what debts and losses. If one partner wants to dissolve the partnership, a lawyer can help to negotiate an agreement that is fair to both parties. In some cases, one partner may be forced to buy out the other partner's share of the business.
A lawyer can help to protect your interests and make sure that you receive a fair price for your share of the business. In addition, a lawyer can help to resolve any disputes that may arise between the partners. If you are considering dissolving a business partnership, it is important to consult with a lawyer to discuss your options and protect your rights.
From start to finish, our New York City business attorneys will be there to help you. We want to protect you and your business. If you are creating a partnership agreement, we will work to safeguard you through the process.
To speak with a member of our team, call us at (516) 447-3148.
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