A Partnership Agreement is a contract between two or more individuals who would like to start a business together to make a profit. While each partner shares a portion of the profit, they are also personally liable for the losses, debts, and obligations from the partnership. This agreement is a critical foundational document for the joint venture to succeed by ensuring clear communication and defined responsibilities between all of the partners. It documents both contingency plans for when things go wrong as well as descriptions of the day-to-day operations. A Partnership Agreement protects all of the partners involved, as any individuals who plan to do business together should complete a Partnership Agreement.
Our fee structure is unique to us as we strive to tailor our services for each client individually. We adapt price standards that are capable of fluctuating for each client. Clients may retain us for one or all of the below steps/services.
We are happy to customize a proposal for you during a consultation. Please see the below information.
WHAT MAKES US DIFFERENT
At Tsang & Associates, we treat each client like a well-formed partnership and involve you in every step of the process. When drafting a partnership agreement, we work together with you until you are satisfied with our services. By the end of our partnership, our goal is not only to help you find success but also to help you become an expert in your own case.
CASE PROCESSING OVERVIEW
Step 1: Strategy Session for Partnership Agreement
This is the most crucial step for your Partnership Agreement. We will review all of the supporting documents to create a strategy, a customized checklist, and a timeline to serve as the guiding foundation for the entire case preparation.
Step 2: Critical Foundation Building
Step 3: Reviewing the Partnership Agreement
A realistic assessment of the strengths and weaknesses of each party’s own position will be the goal of this stage along with a final agreement that suits all parties. Each Partner shares a portion of the partnership’s profits and losses and each Partner is personally liable for the debt and obligations of the Partnership. At Tsang & Associates, we ensure that all parties involved are protected.
What to Include in your Partnership Agreement
A well-drafted partnership agreement will help you decide in advance how to handle certain situations:
- each partner’s contribution to the partnership
- the allocation of profits, losses, and draws
- the partners’ authority and management duties
- voting rules for decision-making
- how to admit new partners
- the withdrawal or death of a partner, and
- how to resolve disputes
- Avoid Conflict
- Legally Binding
- Covers the activities, management, capital contribution, profit distribution, and potential disputes for the partners
Frequently Asked Questions
What are the different types of partnerships?
There are general and limited partnerships. Limited partnerships include limited partners who contribute capital but will have no active role in running a business while general partnerships consist of general partners who all have unlimited liability for the debts and obligations of the partnership.
Do I need to register my general partnership agreement with the local, state, or county government?
While you are always free to register your partnership with the state government, only under some circumstances are you required to register your partnership with the local, state, or county government.
What other factors do I need to consider before entering into a partnership agreement?
The most important factor to consider is the future growth of the company. Partnerships are ideal for lifestyle companies and slow progressively growing companies.
SCHEDULE A SESSION
Call or email us to set up your 1-hour consultation. Easily pay the $250 consultation fee over the phone or through our email link. If you would like to have a quick chat with our team before setting up the consultation, feel free to use the calendar on the right to book your 10 minute call.
In addition to partnership agreements, we also specialize in other areas of corporate counsel. At Tsang & Associates, we are personally invested in your company and serve as a coach to your business. We advise your company on how to be the best, aid with legal services, and take care of logistics. As your business coach, we want your company to excel and experience growth. Check out our comprehensive services down below.
LEGAL REPRESENTATION FOR YOUR BUSINESS
We will work directly for your business advising on legal matters and performing legal research. Paid for only upon demand to provide all legal adice to your company from day-to-day activities to risk mitigation.
Build the right legal foundation
Raise and protect your capital to propel your company
Scale your business to the next level
HOW IT WORKS
A client trust will be opened and maintained solely for your business needs. Your business will qualify for service fee reductions when maintaining a $5,000 refundable deposit in your Escrow account.
NO HIDDEN FEES
There are no hidden costs or fees, You will maintain a yearly $5,000 refundable deposit and gain access to premium and exclusive services. Other firms charge monthly fees, however, at our firm there are no hidden fees
LET US DO THE WORK
Our legal expertise allows you to focus on building and running a successful company. We do the legal heavy lifting and our years of experience help you navigate strategically the important legal and business decisions.
WE ARE DIFFERENT
We’re changing how legal services are provided. Our corporate counsel is designed to provide you with premium and exclusive resources at an affordable price.
Traditional law firms will charge you extra fees for drafting contracts or employee offer letters. At Tsang’s law, we are there for your business with premium services and no hidden fees.