Washington DC Business Partnership Attorneys
A Washington DC partnership agreement lawyer you can trust is an invaluable resource for your business. At Antonoplos & Associates, we have provided legal services to small and large businesses for over twenty years. As such, our group of skilled attorneys have the knowledge and experience required to guide your business through legal issues associated with partnership agreements.
Why Every Partnership Needs A Partnership Law Attorney?
Most business owners face business-related legal decisions on a daily basis. As the owner of a business, this should be no surprise and for many business-related legal issues, an attorney is not necessary. However, when polled, most business owners don’t have a trusted business attorney to represent their business when legal issues occur. The reason many business owners stated that they didn’t already have a relationship with a business attorney was that they thought that a skilled business attorney would be too expensive for the needs of a small business. As such, most business owners only hire a business lawyer when serious legal issues come up.
At Antonoplos & Associates, we don’t think you need a business lawyer for every decision you make. However, consulting an experienced business attorney is an invaluable resource for your company for two reasons. First, a good business attorney will be able to offer guidance on many issues such as reviewing the terms of an office space or storefront lease, drafting contracts that will establish business partnerships, or review partnership agreements. Overall, incorporating a business attorney in general decision making ensures that your business will not enter into any potential disastrous agreements. Secondly, by discussing important parts of your business with a business attorney, this attorney will be better equipped to represent you in the event that litigation occurs. For these reasons, consulting and incorporating a business attorney into your business’s general decision making can even save your business money.
Below, you will find more information on how Antonoplos & Associate’s business law practice can help your business with partnership agreements.
What Is A Partnership Agreement?
A Partnership Agreement is a contract between partners that sets out the terms and conditions under which a partnership is governed. A partnership agreement should set out the relationship between the partners, including the percentage of ownership each partner will have in the business. The partnership agreement should also specify how profits and losses are allocated among the partners, as well as the allocation of taxes among the partners.
A well-drafted partnership agreement should specify the roles of the partners in the operation of the partnership. Issues like control, the duties of the partners, and management should also be clearly stated in the partnership agreement.
Likewise, the agreement should specify how disputes among the partners will be handled. This is most commonly achieved by creating provisions that the partners will use to resolve disputes. In addition, the partnership agreement should make clear who can contractually bind the partnership and what if any liability the partners have.
Finally, a partnership agreement should specify what happens in the event of the death of one of the partners in the partnership. A partnership agreement should set out how the procedures for the dissolution of the partnership and how to resolve conflict or deadlock among the partners.
For more information on partnership agreements and partnership law please contact Antonoplos & Associates at 202-803-5676 or directly schedule a consultation with one of our attorneys. For general information on business law and partnership agreements, check out our blog.
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