A Pennsylvania general partnership is similar to doing business as a sole proprietor, except you have partners to share the losses and gains. You are exposed to the same liabilities that you would be if you were a sole proprietor. Our package includes legal advice plus a partnership agreement that is customized for your particular circumstances. Our agreement includes all of the provisions that you need, such as a provision that deals with the death of a partner, and provisions for dissolution of the partnership.
This is a general partnership agreement, a form that documents the agreement between partners to operate a business. The partnership agreement documents the amount of capital that each partner contributes, the method to be used to allocate profits and losses from the business, and the method used to distribute the assets should the business be dissolved.
When completing this document, it is wise to begin by compiling for each partner their capital contribution, the number of shares of the partnership they will hold, the percent of the profits that they shall receive, and the percent of the assets they shall receive if the partnership dissolves.
The form also contains questions concerning the name of the partnership, the purposes of the partnership, and key operational dates. It contains questions about the governance of the partnership, and it also contains a section for a Notary Public to complete when the partners execute the agreement.
It is advisable to keep the purposes of a partnership as general as possible. It is not necessary for a partnership to file the agreement with any state agency; however, it is a good idea to provide each partner with an executed copy of the agreement.
We print your partnership agreement on archival paper and send it to you by first class mail.
We also offer free revisions for 30 days. You can see your agreement being assembled before you make a decision to buy with our unique “Try Before You Buy” offer. Once we review your document we will contact you to see if further custom revisions are required depending on the particular facts of your situation.
Our legal advice is provided by telephone, email or web cam using Skype, if you have web cam capability. You can also arrange for a meeting with a member of our team at our office in Clarks Summit, Pennsylvania.
Only a law firm can provide you with this kind of legal service.