When starting a business with a partner, it`s important to establish clear guidelines and expectations in order to avoid misunderstandings or disputes down the line. A general partnership agreement (GPA) is a legal document that outlines the terms of the partnership, including each partner`s responsibilities, financial contributions, and decision-making power.
One option for creating a GPA is through LegalZoom, a leading provider of online legal services. LegalZoom offers customizable templates for GPAs that can be tailored to the specific needs of your partnership.
When creating a GPA through LegalZoom, there are a few key elements to consider:
1. Partnership structure: The GPA should clearly state the structure of the partnership, including the names of the partners and the percentage of ownership each partner has. It`s also important to outline the roles and responsibilities of each partner, including any specific tasks or areas of expertise.
2. Financial contributions: The GPA should specify each partner`s financial contributions to the partnership, including initial investments and ongoing contributions. It`s also important to establish how profits and losses will be distributed among the partners.
3. Decision-making: The GPA should outline how decisions will be made within the partnership, including any voting procedures or other mechanisms for resolving disputes.
4. Dissolution of the partnership: While no one likes to think about the end of a partnership, it`s important to prepare for the possibility. The GPA should include provisions for how the partnership can be dissolved, including any procedures for transferring ownership or selling assets.
By creating a GPA through LegalZoom, you can ensure that your partnership is legally solid and that all parties are on the same page. With clear guidelines and expectations in place, you can focus on growing your business and achieving your shared goals.