Reference no: EM131764474

A partnership is defined as two or more individuals in business for a profit. Assume that you are an entrepreneur and will start a new business with three other associates. As such, there are four partners in this proposed business. You may assume that the business will be in any field of your choosing (eg. restaurant, service, financials, etc.). A general partnership does not have any formal requirements for formation. Essentially, partners can simply begin working as long as the local jurisdiction has approved their Business Permit. However, as a savvy MBA student, you know that a Partnership Agreement is imperative to ameliorate any issues in the long-term.

Without a Partnership Agreement, State Statutes will resolve any prospective issues and litigation between partners. Write a partnership agreement which includes all necessary considerations for creating a partnership, including the type of partnership, specific duties of each of the partners (check those listed in the text), rights and financial issues. You may use any standard partnership agreement as a guide, but do not simply “fill in the blanks” of a standard form or retype a form changing only a few words. Instead, make any necessary modifications or additions for your chosen business. The agreement should include all elements necessary to make it legally binding, including line items for signatures. The best agreements not only incorporate suggested provisions in Chapter 18, but also delineate the agreement in your own words. (For example, you can change the word "will" rather than “shall”). A Partnership Agreement is a contract between all partners. Please ensure that the Agreement contains all provisions that will allow it to be enforceable under the respective state law. You may obtain a form partnership agreement at many stationers and bookstores or you may copy one from a layperson’s guide to business organizations, which should be available in any law library. Public law libraries are located in most courthouses, along with the central county law library downtown. Many students have found forms on the internet. You can also simply draft the Partnership Agreement in a Word Document. You should not have to pay to find a form.