In the business world, partnership agreements are some of the most common business structures. Requiring minimal paperwork, they are somewhat easy to formulate. However, as with any business agreement, it is crucial the paperwork contains key aspects that are agreed upon by both parties. Unfortunately, if you sign an agreement without making sure you are satisfied with its contents, you may have little legal recourse. To ensure this does not occur, always rely on Las Vegas business attorneys at the Dobberstein Law Group before signing any partnership agreement.
Types of Partnerships
To make sure you understand such aspects as how daily operations of the business will be handled, the rights and responsibilities of each partner, and what would happen upon the death of one partner, it is best to work with an attorney who can structure the agreement to a particular type of partnership. Since all partnerships are considered either general, limited, or limited liability, always consult with an experienced attorney to make the best decision for your business.
Terms and Provisions
If you fail to ensure your partnership agreement has the correct terms and provisions, you may find yourself facing some very difficult circumstances along the way. Therefore, always work with a skilled attorney who understands the complexities of these agreements. For example, your agreement should cover such topics as ownership percentages, profit and loss allocations, procedures for adding new partners, death and disability clauses, and resolutions for solving any disputes that may arise during the running of the business.
While some businesses rely only on oral agreements or have virtually no provisions in place, these methods rarely work to everyone’s satisfaction over the long-term. Rather than risk potentially serious business problems and destroy what was a profitable partnership, contact Las Vegas business attorneys at the Dobberstein Law Group to have your partnership agreement reviewed as soon as possible.