Partnership Agreement LegalZoom: What You Need to Know
LegalZoom is a popular online legal service provider that offers affordable and accessible legal solutions to small businesses and individuals. One of the services that LegalZoom provides is the creation of partnership agreements. A partnership agreement is a legal document that outlines the terms and conditions of a partnership between two or more parties. It is a crucial document that can help prevent disputes and misunderstandings between partners.
Why do you need a partnership agreement?
A partnership agreement is necessary for any business that has more than one owner. It outlines the roles and responsibilities of each partner, how profits and losses will be distributed, how decisions will be made, and what happens if a partner dies, becomes incapacitated, or wants to leave the partnership. Without a partnership agreement in place, partners are relying on state laws to govern how the partnership operates. State laws vary and may not be in line with what the partners want or need.
LegalZoom’s Partnership Agreement service
LegalZoom’s partnership agreement service is designed to offer a simple and straightforward way to create a partnership agreement. The service begins with an online questionnaire that asks questions about the partnership, such as the names of the partners, the type of business, and the percentage of ownership each partner has. Based on the answers provided, LegalZoom’s software generates a customized partnership agreement.
LegalZoom’s partnership agreement includes provisions for:
– Partnership purpose and name
– Capital contributions
– Allocation of profits and losses
– Management and decision-making
– Partner salaries and draws
– Partner responsibilities
– Dissolution and termination
– Dispute resolution
LegalZoom’s partnership agreement service also includes unlimited revisions for 30 days after purchase, so you can make changes if needed.
Is LegalZoom’s Partnership Agreement service right for you?
LegalZoom’s partnership agreement service is a good option for small businesses that need a basic partnership agreement at an affordable price. However, if your partnership has complex issues or unique circumstances, you may need to consult with an attorney to ensure your partnership agreement meets your specific needs.
It’s also important to note that LegalZoom’s partnership agreement service is not a substitute for an attorney. While LegalZoom’s partnership agreement service creates a legally binding document, it does not provide legal advice. If you have any questions or concerns about your partnership agreement, it’s best to consult with an attorney.
A partnership agreement is a critical document for any business with more than one owner. It outlines the terms and conditions of the partnership and can help prevent disputes and misunderstandings. LegalZoom’s partnership agreement service provides an affordable and accessible way to create a basic partnership agreement, but it’s important to consider consulting with an attorney to ensure the agreement meets your specific needs.
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