A business partnership agreement provides a solid foundation for a successful partnership by establishing clear guidelines, protecting partners’ interests, and helping to prevent and resolve disputes. At Cornerstone, we’ll help you cement your business partnership relationship so that your business can thrive, even if disagreements arise between partners.
Here’s how a partnership agreement can benefit your business:
Clarity and structure:
Defines roles, responsibilities, and expectations between the partners, which helps to solidify the partnership relationship and prevent misunderstandings.
Dispute resolution and legal protection:
Outlines procedures for resolving disputes between partners, and provides legal protection for both.
Profit and loss sharing:
Specify how profits and losses are distributed among the partners, ensuring financial transparency.
Decision-making and management:
Details the decision-making process and operational guidelines for efficient management.
Exit strategy and continuity:
Includes provisions for partner exits and continuity planning to protect the business.
Buy and sell provision:
Should a trigger event be due to a death or disablement of a shareholder, a buy and sell provision creates clear guidelines and liquidity provisions to exit the effected partners estate or disabled shareholder.
