Partnership Contracts

Partnership Contracts

If you are considering entering into a partnership with a person or persons, you will want to make sure that you have the best possible contract to back you up. Whether you're writing your own contract or just trying to make sure you're signing a document with the appropriate provisions, it's important to do the research. While contacting a lawyer is always a good idea, there is work you can do on your own to ensure that the contract at least contains the standard clauses.

Some things to look for in your partnership contract:

1. Names of the parties involved, as well as the name of the partnership.

2. Process by which contributions will be made to the partnership. This includes how much is coming from each partner, where it will be held, and how often recurring contributions, if applicable, will occur.

3. How any profits or losses will be dealt with, including how often they will be allocated or paid.

4. What kind of responsibilities each partner has, in terms of management of partnership.

5. What will happen if a partner wants to leave, or if another person wants to join the partnership.

6. How disputes will be resolved, should they arise.