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It is very least likely that a single person can run a big company or organization. Even if he somehow manages to do perform all responsibilities for a while, at some point he will need to add some other partners in the business to help him out. This partnership can be temporary i.e. for a year or 3 years or it can go as long the company exists.
When such situation happens and a business includes new partners in the company for any reason. The partnership agreement is created and signed by the existing owners or partners of the company and the new partners. This is a very essential and important document. It is a common knowledge that without this agreement, the partnership is not possible to occur as either the company or the new partners won’t allow entering in a company without a legal document i.e. partnership agreement.
Brief Description of Partnership Agreement:
If you are one of those who think of partnership and joint venturing as the same thing, you are wrong. In reality, partnership is completely different from joint venturing in many aspects. For example, unlike joint venturing, the partnership is supposed to last as long as the company exists. Also, unlike joint venturing, partners have more rights and better ownership in the company but the partnership also comes with great responsibilities and a lot to lose on both ends. This is why when a company decides to enter a new partner in the business for long term basis, they consider it very important and go through every aspect very thoroughly so that nothing is missed and every element is covered with the legal documents and agreements.
The agreement that is written and signed between the new partners and existing partners or owners of the company is known as the partnership agreement. This is a very important legal document and if the partners are supposed to share the profit in the business, they are also responsible for the operations and conflicts that occur in the company. The partnership agreement usually includes the information about the partners, the legal rights of each partner, form of partnership, profit sharing or ownership rights of each partner in the business and legal value of each partner in the business.
Key Elements to add in the Partnership Agreement:
- Name of the existing owner(s) and partner(s) in the company
- Name of the new partner(s) to include in business
- Details of the business with explained operations and functions
- Reasons of including new partner(s) in company
- Details of the partnership
- Compensation/shareholding/percentage in profit for the new partner(s)
- Validation of the partnership (if applicable)
- Non-disclosure clause if new partner leaves company
- Ownership on the intellectual property if new partner leaves the company
- Rights, responsibilities, limitations and obligations of each partner
- Terms and conditions of the agreement
- Mutually agreed clauses of the agreement
- Termination of the agreement
- Results of violation of the agreement
- Validation and limitations of the agreement
- Signature of both parties with witnesses and legal advisers/attorneys
Free Partnership Agreement Templates
Download all these Free Partnership Agreement Templates that can easily help you to prepare your own Partnership Agreement effectively.
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