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Establishing Partnership Agreements in NJ

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A partnership agreement is a document signed by two or more individuals who agree to do business together. Although this agreement is not a legal requirement in New Jersey, it can protect you from financial loss and deceit within the company. The more thorough your agreement, the better prepared you are for the unexpected. The New Jersey business lawyers at our firm have decades of experience drafting partnership agreements and can help you do so successfully for your new business!

What Should Be Included in Our Partnership Agreement?

A partnership agreement is similar to a prenuptial agreement in that gives each person clarity on what they’re entitled to and what will happen if the partnership is ever dissolved. You and your partners can structure your agreement however you desire, but you should keep in mind the ultimate goals of your business.

Most partnership agreements cover all of the following:

  • Name of the partnership
  • Contributions to the partnership by each person
  • Distribution of profits, draws, and losses
  • Partners’ authority
  • How decisions will be made
  • Management duties
  • The process of admitting new partners
  • Withdrawal or death of a partner
  • How disputes are resolved

A partnership agreement can also minimize the risk of time-consuming legal battles. When each person signs the agreement, it becomes a kind of contract and can be referred to at any time. Fortunately, you do have the option of changing certain aspects as needed.

Starting a business is always exciting, but there is much to consider. From the name of your company to how much you are willing to invest, every decision is equally important. Our firm wants to put you on a path headed for success right from the start. Don’t wait to take advantage of our seasoned legal counsel!

Get in touch with our firm today to speak with a trusted New Jersey business lawyer.

Disclaimer

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

Reardon Anderson, LLC Counselors at Law
New Jersey Business Attorney

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