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Providing Strategic Legal Advice to Protect Clients in Business Partnership Agreements
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 an attorney 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 partnership agreements.
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 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.
Why Do I Need to Hire an Attorney When Considering a New Business Partnership?
When two or more people decide to become business partners, the first step is to hire an attorney to protect their legal interests.
A business attorney can provide valuable assistance for several essential aspects of partnership agreements, which include:
Draft Contracts
An attorney can comprehensively review the proposed business and draft contracts that address the company’s unique needs. Additionally, an attorney can ensure that all state and federal requirements are met, and that the agreement includes specific provisions, including dispute resolution techniques and other legal matters.
Business Formation
If you are just starting out with your intended business partners, a knowledgeable lawyer can help you determine the proper structure for your start-up. Allowing a lawyer to help you with business formation can help prevent costly partnership disputes that may occur if the organization encounters problems.
Provide Strategic Legal Advice
Regardless of what type of business formation you and your business partners may choose, there are bound to be challenges that test the strength of your agreement. Therefore, having a lawyer to provide strategic legal advice is essential to your business’s success.
Venerable Law has comprehensive experience creating well-written partnership agreements for new and existing business partners. Contact our law firm to schedule a free consultation to learn how we can protect your investment.
Can Your Business Partnership Attorney Provide Me With the Legal Representation I Need to Protect My Interests?
A business partnership should only be entered with all parties having skilled legal representation. Our law offices have a proven record of helping business partners with written partnership agreements that guard against potential disputes that could quickly cause a business to falter.
Our law firm’s overall objective is to provide clients with high-quality business and partnership agreements that meet our client’s needs and stand up to legal scrutiny.
Nevertheless, our legal team recognizes that even with well-written agreements, partnership disputes may arise. If all other dispute resolution methods fail, it may become necessary to engage in partnership dissolution. Partnership dissolution often involves a voluntary dissolution or may require litigation depending on the circumstances involved.
However, our highly recommended business attorney can help resolve partnership disputes by working extensively with both parties to reach an out-of-court settlement.
If you need help with a written partnership agreement or simply wish to guard against potential disputes, you must protect your legal rights.
Contact Venerable Law of Tampa Bay, Florida, by calling 813-680-4530 to schedule a free no-obligation consultation and learn more about our legal services.