What is a partnership agreement?

Starting a business requires many different types of documents and processes to get the business legal and ready to go. If you are going to start a partnership in Georgia, you should create a partnership agreement. According to Inc., this document cements the details of the partnership from the beginning to the end.

A partnership agreement outlines the duties and responsibilities of each partner. You want to be exact about the expectations for what you will each do in the business and your responsibilities to each other. Essentially, you will explain the partnership relationship and how that relates to the running of the business.

You also want to look towards the future and define what will happen if certain things occur. For example, you might want to include a buy-sell agreement. This outlines what happens if one of you wants to or has to leave the business. If you do not have a buy-sell agreement, it could lead to serious issues down the road, so you should include it. You also want to explain how the business will dissolve in detail regardless of the circumstances.

Your partnership agreement can act like a handbook. It will hold you both accountable and help you to avoid legal issues when things happen in the business. It is important to take the time to carefully craft it and discuss its contents. Create an agreement you both feel comfortable with and that reflects your expectations. This information is for education. It is not legal advice.

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