| One of the ways by which you can save on | | | | partnership should also indicate the duration of the |
| lawyer fees is by ensuring that you have done | | | | partnership, how much capital each partner would |
| your homework and that you have all the | | | | be making, the capital accounts, and the drawing |
| documents that you need. For example, you can | | | | accounts. You would also need to specify how the |
| already create a draft of any contract that you | | | | depreciation or the gain or loss of property would |
| would like to enter to and just seek the advice of | | | | be allocated. |
| a lawyer to see if there are things you have not | | | | The rest of the paragraphs in your business law |
| included. This way, you only need to pay for the | | | | contract for your partnership are dedicated on |
| consultancy services instead of having to enter a | | | | the nitty-gritty of your partnership. These parts |
| retainer agreement. | | | | should contain clauses defining what fiscal year the |
| Unfortunately, creating a comprehensive contract | | | | company would be using, how loans by partners |
| may seem to be a daunting task especially if you | | | | would be treated, how much each partner would |
| do not have any legal background. In reality, | | | | be getting, what the effect would be to the |
| creating, for example, a partnership agreement | | | | contract f a partner dies, how the contract is to |
| can be quite a breeze. | | | | be terminated, and what happens if there a |
| One of the things that you need to keep in mind | | | | partner decides to work for a direct competitor. |
| when creating a partnership contract is that your | | | | Once you have covered these areas, you can |
| first four paragraphs should lay down some basic | | | | safely get in touch with lawyer and have him or |
| information between you and the other party, | | | | her review the agreement. |
| your partner. This includes the name of the | | | | When creating a partnership agreement, keep in |
| partnership, the people involved in the partnership, | | | | mind that you have to take into consideration |
| the nature of the business, and where the | | | | existing federal and state laws. For example, if |
| business would be conducted. If, for instance, | | | | you would be doing business in Colorado, you |
| your partnership has a different name as the | | | | have to be aware and put a clause in your |
| company you are putting up, you would need to | | | | agreement on how you would handle verbal |
| indicate a clause stating the name your company | | | | agreements as Colorado contract law deems |
| would be doing business as. | | | | verbal agreements as enforceable. |
| The business law contract covering your | | | | |