What should be covered in partnership agreement

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Reference no: EM133574174

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A typical partnership agreement spells out details, such as the initial financial contributions each partner will make, the specific duties and responsibilities each will assume, how they will share profits (and losses), how they will settle disagreements, and how they will deal with the death or withdrawal of one of the partners. Well-written agreements can prevent common misunderstandings. Do research on the Internet to create a checklist regarding the steps, forms, and fees needed to establish a general partnership in your state. Explore what's required for naming the partnership, what should be covered in the partnership agreement, and the steps needed to register for tax purposes at both the state and federal levels.

Reference no: EM133574174

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