Tampa Business and Partnership Planning Lawyer

Starting a business partnership can be an exciting prospect for entrepreneurs. However, due to human nature and the high potential for business dealings to go wrong, a partnership agreement should always be drafted by an experienced business and partnership planning lawyer.

A skilled lawyer can carefully evaluate the partnership needs of the business and create a written agreement that will protect all partners’ interests and hard-earned investments. Avoiding potential disputes is critical to ensuring the success of any business. Therefore, anyone considering a partnership agreement must hire a lawyer for partnership agreement who can provide solid legal advice to the parties involved.

Venerable Law of Tampa Bay, Florida, is a law firm dedicated to helping new and existing businesses create sound partnerships. Before signing any business partnership agreement, contact our law office and ask to schedule a free case evaluation to determine your available legal options.

What Should Always Be Included in a Partnership Agreement?

Although every business partnership will be defined by its own unique qualities, several specific elements must be included in agreements. A partnership agreement exists to protect each party and define their individual roles and responsibilities.

Some of the other key points that are addressed in a partnership agreement include:

• The percentage each partner owns in the business.
• Partnership duties in day-to-day business operations.
• How profits and losses should be shared or divided.
• Details regarding each partner’s liability obligations.
• Details regarding capital contributions each partner makes to the company in either cash or property.
• Dispute resolution methods.
• Well-developed plan that gives detailed instructions on what should happen in the event one partner dies prematurely.

If the business is a limited liability company (LLC), operating agreements would be created to address many of the same issues discussed in a well drafted partnership agreement.

If you need more clarification about what should be included in a partnership agreement, contact Venerable Law of Tampa Bay, Florida, and ask to schedule a meeting with our knowledgeable attorney.

How Can My Business Avoid Potential Partnership Disputes?

Unfortunately, even with a well-crafted partnership agreement, disputes can easily occur. Typically, partnership disputes arise from co-owners having different visions for the company’s future. Differences of opinion are often common when family members are business partners, and there is the potential for emotions to run high.

However, some other common partnership disputes include:

• Breach of contract.
• Breach of fiduciary duties.
• Misappropriation of business assets or resources for one partner’s personal benefit.
• Fraudulent activity
• Interference with commercial transactions or contracts.
• Disagreements over business management policies.

Of the above-listed partnership disputes, a breach of fiduciary duty is often a common issue that leads to conflicts. A breach of fiduciary duty occurs when one business partner fails to uphold their financial obligations to the business. When a breach of fiduciary duty occurs, it typically results in significant business losses.

If you are currently involved in a partnership dispute, it could result in costly litigation for you and the other partners. Venerable Law can assist you with dispute resolution to help save the partnership as well as valuable time and money.