If you and your friend(s) are ready to initiate a new business together, or if you want to team up your business with another enterprise or a person, then it is better that you get a legal partnership agreement. It is an important way of protecting your personal rights on the joint venture.
To precisely define, articles of partnership can be called as a voluntary contract between two or more people to place their capital, labor, skills, expertise, money, property, or a combination of these in business with the mutual understanding that the profits as well as loses will be shared between the partner/s.
Help4You is a leading legal document service in Orange County that can assist in the preparation of a partnership agreement. The professional team ensures that each partner understands his/her role, responsibilities and the terms of a partnership.
What are the advantages of a partnership agreement?
One of the biggest issues that all partnerships face is the disagreement or disapproval on a certain decision among the business partners. This generally arises from a lack of understanding if the role of each partner in the business, how much is the investment of each, who owns what and other such aspects. This is exactly where a partnership agreement plays a key role. It addresses all such matters and clearly states the responsibilities, role and monetary investment of each partner in the business. It is crucial for any partnership to run smoothly and limit any confusion.
What is the difference between a partnership and a corporation/LLC?
When it comes to managing a business type, then a partnership is quite easy to manage than the other business structures like a corporation or LLC. You and your partner are subject to fewer administrative hassles, less paperwork to file with the government, and simple filing for taxes. Hence, it will let you and your partner focus on growing and developing your business. Plus, when applying for a business loan, you and your partner can combine your capital and raise funds needed for business growth.
How can we assist you?
Help4You is a document preparation service in California that has been serving in the state for the last 2 decades. Our team will ensure to create a partnership agreement according to your specific business requirements. We, at Help4You, can assist you to draft a partnership agreement that is tailored to make your business prosperous and provide the security you deserve.