Create a partnership agreement. Several forms are available online as a proposed starting point. As a general rule, the social contract should include the full legal name of each partner, the name of the company, the percentage of capital that each partner contributes, how profits are distributed, how new partners are admitted and how to end the partnership. Partnership agreements provide each partner with a legal document that they can rely on in case of major problems. Have you done business with a partner and have you already made a deal? What would you have done differently? Share your stories or questions with us in the comments. The two main disadvantages of general commercial companies are this: don`t be tempted to leave the terms of your partnership to these state laws. Since they were designed as uniform rules of escape, they may not be useful in your particular situation. It is much better to put your agreement in a document that specifies the points on which you and your partners have agreed. While business partnerships rarely begin to worry about a future partnership dispute or the dissolution of the business, these agreements can guide the process in the future, otherwise emotions could take over the superior agreement.
A written and legally binding agreement serves as an enforceable document and not just an oral agreement between partners. This agreement also allows you to anticipate and resolve potential business disputes, prepare for certain business contingencies, and clearly define partners` responsibilities and expectations. In a general trading company, it is important to understand that each person is responsible for the operation and is responsible for the actions of his partners. . . .