A business partnerip is a very special relationip. From the mont you team up with other likeminded business partners Andre Ellington Super Bowl 50 Jersey , your destinies are interined. Whether your enterprise flouries or the partnerip dissolves, the legal attributes of your partnerip will play an important role.
Co-owners who are profits are partners by default
A partnerip is defined legally as an association of o or more persons who operate as co-owners and are profits. To bee a partner, an individual may make an investnt of startup money, offer his or her services or both.
No written docuntation is required to create a general partnerip. If you are acting like partners (i.e., operating as co-owners and aring profits), you are deed to be part of a legal partnerip. This is important because partners have certain legal rights and obligations. Of course, it is always rended to have a written partnerip agreent!
Partnerip duties, rights and liabilities
In the absence of a written agreent Alex Okafor Super Bowl 50 Jersey , partners do not draw a salary and are profits and losses equally. Partners have a duty of loyalty to other partners. This duty ans that, for example, partners must attend diligently to their responsibilities in the conduct of the business, and must not to enrich themselves at the expense of the partnerip (for instance, a partner may not aept personal kickbacks for agreeing to a deal with a supplier at an inflated price). Partners also have a duty of aounting to the partnerip, aning they must be open and honest in disclosing business rmation to other partners.
Each partner also has rights, many of which derive from the right to see other partners live up to their duties. Unless the partners have agreed otherwise, each partner also has the right to participate in the day-to-day managent of the business Alameda Ta'amu Super Bowl 50 Jersey , and, importantly, to bind the firm in any act done in carrying on the business.
Since you are liable for the acts of a partner made in carrying on the business, it is imperative to choose your partners carefully, and, when necessary, to protect yourself to the extent possible through a written agreent or legal action. In a partnerip, you are personally liable for business obligations; this ans that if your partnerip incurs debt or legal liability that the partnerip cannot afford to pay Adrian Wilson Super Bowl 50 Jersey , creditors are able to seek repense by going after your personal assets.
Written partnerip agreents
Even though no written agreent is required to establi a partnerip, many partners choose to put a partnerip agreent in place. A partnerip agreent can modify the default partnerip structure to better fit the needs of the individual business. Strong partnerip docuntation can help prevent disagreents and give the business a more well-defined direction.
A limited partnerip is a special type of partnerip that does require written docuntation. In a limited partnerip, limited partners invest money, but retain little or no control over the partnerip's operations. Unlike in a general partnerip, limited partners cannot be held liable for debts incurred by the partnerip.
Learn more from a partnerip dispute attorney
If problems have arisen in your partnerip, there are legal strategies that can help you resolve them. If you do not have a partnerip agreent in place, or if your partnerip agreent does not address the particular issues that have arisen in your partnerip, it is especially important to get the help of an experienced partnerip dispute lawyer. Talk to an attorney today to learn more.
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