Advice When Building and Completing a Business Partnership Agreement with Clients
There's a lot that goes into creating a business partnership. That's why a business partnership agreement template is a good idea for most people to consider. If you (or your business) is going into partnership with someone else, then you'll want a solid partnership agreement you can both rely on, especially when your partnership has clients. That doesn't have to be difficult, but it does need to be thorough.
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When you choose a business partnership agreement template, though, you already have a lot of the work done for you. For example, much of the boilerplate legal language will already be in place. You'll be filling in the details of your specific agreement, and considering whether there are any included clauses that just don't apply to your arrangement.
Table of Contents
A business partnership agreement template is one of the most important ways to protect yourself as you venture into mergers, collaborations, and other ways to interact with others on a business level. Here, we'll talk about:
- Important Clauses You Need in Your Agreement
- Best Practices for Partnership Agreements
- Tips for Securely Signing Agreements
- Key Considerations for Partnership Creation
- Resources and Information to Help
Important Details in a Business Partnership Agreement
Like any contract, a business partnership agreement needs to carefully address and spell out everything that's needed. It's not possible to cover all the important clauses here, but some of the most significant ones include:
- The Parties and Location -- The parties to the agreement, where the partnership's headquarters will be, and which state's laws govern the agreement are all worth noting.
- Contributions and Ownership Interests -- How much each partner is contributing, and how much of the partnership they'll own, both matter.
- Accounting and Voting -- Not all partnerships are 50/50. If one partner has more of a vote than the other, or is handled differently for accounting purposes, that should be addressed in the business partnership agreement.
- New Partners and Dissolution -- Can your partnership take on new partners? What happens if one of you dies, or just wants out? Answering those questions is a vital part of the agreement.
- Clients of the Partnership -- The way you take on clients, how you handle them, and what happens to them if your partnership ends, should all be included, with the help of a business partnership agreement template.
You don't have to worry about creating all that on your own, when you can use a business partnership agreement template, instead. That way, you'll have more peace of mind, and can feel secure in knowing that the most important aspects of your business partnership are being properly addressed.
Best Practices for Your Partnership Agreement
A business partnership agreement template is a detailed document. There are a lot of pieces that go into it, and a significant number of specific clauses to address. Making sure everything that needs to be handled is included, is one of the most challenging aspects. As such, some of the best practices for a business partnership agreement template include:
- Making sure there's no confusion as to who is part of the partnership and how much say they have it its dealings.
- Adding details for any specific or unique situations, that would not be common to a partnership.
- Creating a document that's thorough, without being complex or riddled with unnecessary legal verbiage.
You and your business partner should both feel confident with this agreement. If there are issues or concerns, those need to be handled before either one of you plans to sign.
Tips for Business Partnership Agreement Security
The easiest way to make sure that your business partnership agreement template is filled out and then signed securely is to handle the deal electronically. For example, you canuse Nitro Sign for all kinds of important documents, including partnership agreements, so everyone is protected. It's easy to send and sign online.
Key Considerations for a Partnership Agreement
A business partnership agreement template helps reduce the chances that this type of agreement won't be handled correctly, or that something will be missed. Among the key considerations are:
- Making sure both parties to the agreement are getting a fair deal they're comfortable with.
- Using the same language and information requirements for both parties, to reduce discrepancies.
- Choosing a business partnership agreement template that encompasses allowing the partnership to serve clients.
A proper template make a big difference, when it comes to the legal quality of a partnership agreement.
Additional Resources for Information
Want to learn more about a business partnership agreement template? Here are resources to check out:
