New Jersey Partnership Agreement Attorneys
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A partnership agreement is a document signed by two or more individuals who agree to own and operate a business together. Although this agreement is not a legal requirement in New Jersey, it can protect you when forming a company. The more thorough your agreement, the better prepared you are for the unexpected. The New Jersey business lawyers at Reardon Anderson, LLC have decades of experience drafting partnership agreements and can help you safeguard your company's interests well into the future.
What Should Be Included in a Partnership Agreement?
A partnership agreement 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 litigation. When each person signs the agreement, it becomes a 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. If you and your business partners are ready to legally protect your collaboration, our firm is prepared to put you and your business on a trajectory for success.
How Do You Dissolve a Business Partnership?
Partnership dissolution in New Jersey is controlled by state law. Several steps will need to be taken dissolve your business partnership, including:
- Removing your business from the state’s tax and public records
- Limited partnership (LP) must file a Certificate of Cancellation
- General partners will file a Request for Change of Registration Information
- Looking over contracts and leases
- Analyzing liabilities and possible tax penalties
- Letting customers, suppliers and vendors know about the closure of your business
- Cancelling permits and licenses
- Determining your business’s value and liquidating that value to pay off your debts
- Dividing remaining assets according to the partnership agreement
- Filing the final partnership tax return
Dissolving a business partnership can be rather complicated, it is best to have an attorney who specializes in business transactions draft an agreement outlining the terms of the dissolution. To ensure your business partnership is dissolved in accordance with New Jersey law, contact Reardon Anderson today for a consultation with a business contract lawyer in NJ!
Get in touch with our firm today to speak with a trusted New Jersey partnership agreement lawyer.