One of the most important things in any agreement is to write the name of the partnership company. You can choose the name of the company based on your name, z.B. Wesson and Smith. You can either use your last name or accept a fictitious company name like Smith Home Repairs, but before choosing a name for your partnership business, you need to make sure that the company name is not already used by another company. Make sure this helps you easily register the company name without any problems, or otherwise you can get stuck in the process. Are you thinking of partnering with your best friend? If it`s you, it`s a great idea. Partnership companies share profits and losses, reducing the burden on each partner. However, you need to make sure that you develop an appropriate partnership agreement. In this belligerent society, no one can be trusted, and when things are written in black and white in the form of an agreement, they establish a safe and healthy partnership.

In the absence of this agreement, your state`s standard partnership rules apply. For example, if you do not specify what happens when a member withdraws or dies, the state can automatically terminate your partnership on the basis of its laws. If you want something other than your state`s de facto laws, an agreement allows you to keep control and flexibility over how the partnership should work. A partnership agreement is a written agreement between two or more people who wish to become partners and run a business to make a profit. In general, a partnership pact includes the nature of the economy, the rights and obligations of partners and their capital contribution. Partnership companies can also be created without agreement, but it is always good to be prepared. Indeed, a partnership operation with this agreement becomes a valid partnership operation. In the final phase, you must choose the law that governs the agreement and have it signed by the relevant authorities. The initial partnership capital would be $1100,000 (one million, one hundred thousand dollars).

Each partner contributes as follows to the capital of the partnership in cash, ownership or services in agreed value: the company books are kept at the main office of the partnership and are fully made available to each partner. The books are kept on the basis of the fiscal year that begins on February and ends on February and are closed and balanced at the end of each fiscal year. A review is conducted on the reference date. The management of the transaction accounting of the partnership is retained by the partners of the partnership`s place of activity and can be processed at any time. Each partner is required to immediately and accurately report all transactions related to the partnership transaction. A partner is free to assume responsibility for the partnership if, due to a case of force majeure, the partner is totally or partially prevented from fulfilling its obligations under this agreement and the partner has communicated the circumstances of that event with due diligence to all other partners and has taken all appropriate measures to mitigate that event.