Barter Agreement |
General Partnership Agreement |
Limited Partnership Agreements |
Buy Sell Agreement |
Franchise Agreements
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Many businesses use unorganized bartering by failing to
use a written barter agreement. Using a barter agreement is important. It
helps to ensure that the exchange is equal and it will hold up much better in
a court of law than a verbal agreement. Click here to download a
sample barter agreement.
Choosing a partner or franchise is one of the most
important steps you'll take in your business venture, so proceed with caution.
To ensure a picture perfect relationship consider drawing up legal agreements.
We strongly encourage you to complete a thorough
background
check on anyone whom you are considering doing business with. BizPartnerHunt.com
suggests that you conduct the most comprehensive, accurate search available
using records found at the best source. Don't limit your search to a single county, but instead search
records in multiple counties and states. You need to
gather data from various state and private agencies, and perform a nationwide
search.
BizPartnerHunt.com is dedicated to providing you with
trusted, insider information that helps you make the right decision when it
comes to choosing a business partner for your business. With that goal, we
searched high and low to find a partner that provides industry-leading criminal
background screening services: US Search.
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Click here for General Partnership Agreement Forms!
In a general partnership each partner is liable for any and all partnership
debts. A good general partnership agreement is complex, since it should cover all
possible business situations the partners may encounter and resolve any
conflicts that result between them. Some of the many items that should
be covered in a partnership agreement include:
- Capital contribution of partners
- Profit and loss sharing of partners
- Voting rights of partners
- Delegation of management authority to partners
- Disposition of a partners interest on death of that person
- Methods to resolve possible tie votes between partners on crucial
partnership decisions
- Admission of new partners
- Signature authority and number of signatures on partnership bank account
- Option to purchase a selling partner's interest and a method to
determine the purchase price of that interest
Partnership Law is complex. Therefore, you may need an
attorney
to review your
agreement even if you write it yourself. The
attorney
can give you valuable suggestions that will save future problems that could
cost many times the attorney's legal fees.
However, if you prefer to do it yourself then
U.S. Legal Forms is the leading and most trusted publisher of State
Specific legal forms over the internet, which can all be downloaded to your
computer. Whether you are an attorney, small business or consumer, USLF
provides you fast results, at a
reasonable price, in an
easy and accurate manner, to
satisfy your
immediate State Specific form needs.
However, the products offered by
U.S. Legal Forms are not a substitute for the advice of an attorney.
If you would prefer an attorney to review your legal forms then you may want
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Click here for Limited Partnership Agreement Forms!
A limited partnership is in most respects similar to a general partnership,
except that it has two classes of partners. The general partner (s)
have full management and control of the partnership business but also accept
full personal liability for partnership liabilities. Limited partners
have no personal liability beyond their investment in the partnership
interest. If you are seeking an investor then the investor may be
considered a limited partner. Limited partners cannot participate in the
general management and daily operations of the partnership business without
being in danger of becoming general partners in the eyes of the law.
Limited partnership agreements are required by most jurisdictions to be in
writing and, for the most part, contain the same provisions as those in a
general partnership agreement - with some complex editions. Again,
consultation with an
attorney is very important.
Click here for buy-sell agreement forms!
A
Buy-sell agreement is an agreement between two parties in
which the two agree to exchange goods or services. The agreement is
often recorded to use as proof in case of any legal disputes. It is a
record of the terms of a
trade.
In the sale of a business, a buy-sell clause (or
Shotgun clause) in a shareholder agreement preserves continuity of
ownership in the business and insures that everyone is fairly treated,
the buyer as well as the seller. It is a binding contract between
business partners or
shareholders about the future ownership of the business. A
buy-sell agreement is made up of several legally binding clauses in a
business partnership or operating agreement (or it can be a separate
agreement that stands on its own) that can control the following
business decisions:
- Who can buy a departing partner's or shareholder's share of the
business (this may include outsiders or be limited to other
partners/shareholders);
- What events will trigger a
buyout, and;
- What price will be paid for a partner's or shareholder's
interest in the partnership and so on.
A buy-sell agreement may be thought of as a sort of "premarital
agreement" between business partners/shareholders.
Click here for franchise agreement and franchise formation forms!
The franchise agreement is the foundation on which your franchise is built.
The agreement gives both parties a clear understanding of the basis on which
they are going to continue to operate. It should ensure uniformity to protect
the franchisee as well as the franchisor. Remember, your business is
only as good as that same business down the street or in the next town. If
people have a bad experience with your company somewhere else, the odds are
they're not going to want to do business with you either.
Uniformity, which is ensured by the franchise agreement, is one of the
standards of operation. If you do not operate your business with uniformity,
you are going to be a detriment to the system.
What should a franchise agreement include? It states that you are
part of this franchise and have a certain fixed fee to pay as part of the
consideration. It has location provisions. The company will have the right to
approve sites. If the company desires, it will have the right to go on a
direct lease. In some instances, your franchise agreement might even be tied
to a lease directly. The company would dictate the plans and specifications of
the general location and would make sure that your equipment conforms to
company specifications.
Find franchise forms now...
FREE franchise consultation service to help you in choosing a
franchise which is right for you.
Retrieved from The Entrepreneur Magazine Small Business Advisor (Entrepreneur Magazine)
