Agreements are not written for when you get along with your partner, they are written for when you start fighting with one another and disagree. So in reality a “Partnership Agreement” is for a partnership “Disagreement”.
When two people become partners it is vital, for the future of the business and the future of each individual partner, to put in writing in the form of an agreement all the terms of their business relationship.
When things go smooth, the partnership agreement will sit in a file cabinet and gather dust; and that’s good. Unfortunately, in the real
world people come to disagreements. In order to avoid future disruptions in the operation of the business and the lives of the partners, it is very important that all issues that “might” arise in future are clearly represented in the partnership agreement.
Drafting a partnership agreement can be done two ways. The expensive way: go to an attorney and have him draft the agreement from scratch. The cost effective way: hire a professional who has been involved with partnership agreements, have him sit with the partners and draft an outline of all the issues and agreements, then, go to a lawyer and have him make it into a legal document.
You will save thousands of dollars.
Over the years we have drafted many agreements and saved our clients thousands of dollars in legal fees.