THIS KIT IS LEGAL AND
VALID IN ALL STATES!
KIT CONTAINS FORMS
CONFIGURABLE OR SPECIFIC TO THE LAWS AND FILING
REQUIREMENTS FOR EACH STATE!
WHAT IS A PARTNERSHIP
A partnership is an
association of two or more persons for the
purpose of conducting business. Although the
partnership can declare bankruptcy and limit some
liability, it is not normally regarded as a legal
entity like a corporation.
There are two types of
partnerships -- the general partnership and the
In a general partnership,
all partners share in both the profits and
responsibilities of the business. Unless
otherwise spelled out in the partnership
agreement, each partner has one vote, no matter
how much he has contributed to the business. A
general partnershipis the most popular
A limited partnership is
an arrangement where a person or company invests
in an unincorporated business and still gains
limited liability protection. However, they do
not possess any management powers. (The legal
documents in this kit havebeen designed for a
general partnership only.)
A partnership begins with
an agreement, which can be spoken, written or
simply a matter of understanding. Good friends
who decide to form a partnership may not feel it
necessary to reduce their arrangements to
writing. However, experience proves that it makes
sense to draw up an agreement. Any point that is
covered in the partnership agreement is subject
to state law.
If you decide that a
Partnership Agreement is what your business
requires,this kit will make the process simple,
quick and easy.