From time to time, for estate planning or other reasons, families or business partners choose to use a general partnership, limited partnership, limited liability partnership, or limited liability limited partnership to conduct business. It is often prudent, and sometimes absolutely critical, for a partnership to have a written Partnership Agreement. A well-constructed Partnership Agreement deals with issues including, but not limited to:
- decision-making rights and responsibilities of the partners
- capital contributions of the partners
- restrictions on transfer of partnership interests (i.e., ‘rights of first refusal,’ etc.)
- buy-sell provisions in the event of death, disability, resignation or termination of a partner
- dispute resolution provisions
Contact C. David Rowe, PC for assistance with your Partnership Agreements.