If you`re looking to form a partnership with another person or entity, it`s important to have a partnership agreement in place. This document outlines the terms and conditions of the partnership, including the responsibilities and liabilities of each partner. While you could hire a lawyer to draft a partnership agreement for you, it`s also possible to find free downloadable templates online.
Why Use a Partnership Agreement Template?
Using a partnership agreement template can save you time and money compared to hiring a lawyer to create one for you. Templates are often customizable, so you can tailor them to your specific needs. In addition, templates can help ensure that you include all the necessary provisions in your partnership agreement. This can help prevent issues from arising down the line that could damage the partnership.
Where to Find Free Partnership Agreement Templates
There are several resources online where you can find free partnership agreement templates. Some resources include:
1. SCORE: SCORE is a nonprofit organization that provides resources and mentoring to small businesses. They offer a free partnership agreement template that covers the basic provisions of a partnership agreement.
2. LawDepot: LawDepot offers a variety of legal documents, including a free partnership agreement template. Their template is customizable and covers a wide range of partnership types.
3. Rocket Lawyer: Rocket Lawyer offers a free partnership agreement template that is customizable to your partnership needs. They also offer additional legal resources and services for a fee.
What to Look for in a Partnership Agreement Template
When selecting a partnership agreement template, it`s important to look for several key provisions. These may include:
1. The purpose of the partnership: The partnership agreement should clearly outline the purpose of the partnership, including the goals and objectives of the partnership.
2. Contributions: The partnership agreement should specify the contributions of each partner, including financial contributions and other contributions such as time and expertise.
3. Profit and loss distribution: The partnership agreement should specify how profits and losses will be distributed among the partners.
4. Decision-making: The partnership agreement should outline how decisions will be made within the partnership, including voting procedures and decision-making authority.
5. Dissolution: The partnership agreement should specify how the partnership can be terminated and how any assets or liabilities will be distributed among the partners.
Conclusion
A partnership agreement is an important document that can help ensure the success of your partnership. While hiring a lawyer to draft a partnership agreement can be expensive, there are free partnership agreement templates available online. When selecting a template, be sure to look for key provisions such as contributions, profit and loss distribution, and decision-making procedures. With the right partnership agreement in place, you can help ensure that your partnership is successful and productive for all parties involved.
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