In this article, you will learn how to create a partnership agreement in Florida and, most importantly, why you should. If you and a business partner are interested in starting a business together, you may have conceived the idea before taking the steps to set up the required formal paperwork. Therefore, before you start the business, make sure to get a proper partnership agreement drafted and signed.
Many benefits come along with having a partnership agreement in place, and one of those benefits is that it can protect you and your interests in the company. Below, we will examine a few of the many benefits that are available and explain the steps that must be taken to create a bulletproof partnership agreement in Florida. Read on to learn what you need to know.
How and Why to Create a Partnership Agreement in Florida
Establishing the partners’ roles and responsibilities
The first thing you need to do to create a bulletproof partnership agreement is to assign each partner a particular function within the business, as well as the duties and obligations that come along with that role. This ensures that everything that needs to be done is done properly and that there are no disagreements in which the partners believe they are in charge of the same area.
Establishing ownership and determining payment
The partnership agreement can also be used to make it abundantly clear how much of the business each of the partners owns and how much money each of them will receive from the company each month as compensation for their work. Since disagreements regarding money are a common source of tension in most partnerships, establishing how much each partner will be paid in advance can be extremely beneficial. Before you create your partnership agreement, make sure to have a meeting with your partner to discuss compensation.
Establishing Dispute Resolution Methods
Last but not least, the partnership agreement you create should also provide some guidelines for how to settle disputes between you and your partner(s). In cases where a dispute simply cannot be resolved, one of the parties involved may decide that the best thing for them to do is leave the company. The agreement may also define the steps that need to be taken and demonstrate how a person would leave the business without causing harm to either the other partners or the company itself.
Are You Looking to Start a Partnership in Florida? Work with an Experienced Business Lawyer
If you want to create a partnership agreement in Florida, the most important step you need to take is to find a skilled and experienced attorney who can draft the contract based on the specific objectives, circumstances, and requirements of your company. It is not easy to create this type of document; however, it is extremely easy to make mistakes while doing so; therefore, you should make sure that you do not even consider attempting to create the document that will determine how your partnership will operate without the assistance of a seasoned Florida Business Formation Lawyer like Romy B. Jurado.
Starting a business is hard unless you work with the right team of professionals who know what to look out for and can resolve issues even before they arise. When it comes to legal issues, prevention is the best strategy, so get in touch with Romy B. Jurado and her team of experienced legal experts by calling (305) 921-0976 or send an email to Romy@juradolawfirm.com to schedule an initial consultation. If starting a business in Florida is your dream, we can help you do two things: 1) make your dream come true, and 2) prevent it from turning into a nightmare. Do not hesitate to get in touch today!