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Developing Partnership Agreements

Are you in the process of opening your own business? For many people, the appeal of being one’s own boss makes this an attractive goal. And if you are entering into a joint venture, you likely have a great pool of ideas, experience, and expertise that help you feel more comfortable as you navigate the potentially unfamiliar waters of entrepreneurship.

Regardless of you or your partners’ previous experience with joint ventures and business ownership, it’s important to develop a partnership agreement unique to this new business. From establishing roles and responsibilities to determining the appropriate steps for decision-making processes, the business law team at Smith, Gilliam, Williams & Miles will walk you through important items to consider and help you create a partnership agreement with which each of your stakeholders is comfortable.

Things to Consider

Developing a partnership agreement does involve facing tough questions about potential conflict. But by addressing the tough questions on the front end, you may find that the policies and procedures you establish before issues ever arise will streamline or even prevent growing pains down the road. Our firm is here to walk you through:
  • Establishing roles and responsibilities
  • Outlining compensation, ownership, and contribution
  • Developing a decision-making procedure
  • Creating a dissolution plan
  • Defining a procedure for dealing with death or disability

By evaluating your business plan and carefully considering your future goals, our business law team will develop a partnership agreement for your joint venture that will protect you and your partners, as well as streamline day-to-day operations.

Contact Us

Contact us today to learn more, or feel free to email one of our business attorneys directly: