Partnership Agreements
A Partnership Agreement is a legal document which dictates how a business is run and details the relationship between each partner. Having an agreement in place will avoid any potential conflict or complexities that may arise between partners.
How can we help?
At Mortgage Solutions, we know that partnership agreements are common.
We are here to ensure that you and your partner receive the best information and guidance in forming the right partnership agreement best suited for your situation.
Before entering a partnership agreement, we understand that you may have questions regarding how the agreement will operate and how it affects you and your partner. We will answer those for you.
Such as what are the benefits of a partnership agreement, what documents are needed and what would happen in the occurrence that both partners are no longer in a relationship.
We have the financial expertise to answer all those questions and any more you may have.
We are committed to providing you with all the financial information possible, and to giving you the most comfortable space to do so.
What is a partnership agreement?
A Partnership Agreement is a document that partners in a business write to agree on their terms and responsibilities. It should clearly state what each party needs to do and how the business will operate every day. An effective partnership agreement will will cover many of the potential areas of dispute between partners and will establish mechanisms for dealing with them should they arise.
What should a Partnership Agreement include?
Typically the agreement will include:
- Details of the capital contribution of each partner and their percentage of ownership
- How profits and losses are distributed
- The rights and responsibilities of each partner
- How disputes will be resolved
- When and how a new person could join the partnership
- How exits of the partnership are dealt with including voluntary and involuntary departures