Partnership Agreement
To whom is a Partnership Agreement necessary?
There should be a Partnership Agreement for everyone forming a partnership, regardless of the type—general, limited, or limited liability.
Can a Partnership Agreement be enforced in court?
In a court of law, a properly signed partnership agreement is enforceable and binding.
Does a Partnership Agreement need to be drafted by a lawyer?
A lawyer’s advice is not necessary, but it can help make sure the Partnership Agreement is legally sound and contains all the important points.
What occurs if one of the partners passes away or becomes incapable?
A partnership agreement may cover succession planning, including how to deal with a deceased or disabled partner’s stake. Possible solutions include buying out the partner or transferring the interest to their heirs.
If one partner violates a partnership agreement, can it still be enforced?
Yes, the other partners may pursue legal remedies in court, such as damages or specific performance, if a partner violates the terms of the partnership agreement.
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