Partnership Agreement OutlineTh

The partnership agreement will be due on the 2nd class of the first week of October. For Abedules it is due on Wednesday the 2nd. For Tangares it is due on Thursday the 3rd. For Ebanos and Eucaliptos it will be due on Friday the 4th. Record the name of each partner and the legal name of the partnership.
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The partners must determine whether the business will use their names, their initials or a fictitious business name.

2 Decide on the amount of time that the business will exist (start date and end date).
Enumerate the contributions each person will make to start the business partnership.
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The partnership agreement should document the cash, property and services that each partner will contribute. Note each partner's ownership percentage.

2. 3Decide on partnership policies for banking arrangements and financial records

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How will purchases be organized in a way so that all partners contribute equally or according to their share in the business? Will partners open a joint bank account? Will receipts be saved and recorded into journal entries by an accountant? Will one of the partners be the taking journal entries?

3. 4Outline each partner's authority and duties.

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The partners should understand who has the authority to commit the business to contracts and other obligations. Use the partnership contract to assign duties, such as accounting, personnel or marketing to each partner.

4. 5Determine how the partnership will make business decisions.

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You can agree to make all decisions by unanimous vote or empower each partner to make certain decisions. Alternatively, you could make major decisions by unanimous vote and make minor decisions individually.

5. 6 6. 7Describe the process for a person to leave the business partnership.

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Write down the steps a partner needs to take. Determine how the remaining partners will buy out the departing partner's ownership percentage. The partnership agreement should indicate whether any confidentiality or non-compete agreements are required from the departing partner. Provide instructions for how and under what circumstances the small business partnership can be dissolved.