Legal agreements are often the foundation of business relationships. Whether you’re starting a business as a general or limited partnership, getting legal advice from a lawyer is one of the best investments you can make. In Dallas, local regulations and laws can add complexities that must be taken into account for a partnership agreement or any other kind of business agreement. Working with lawyers who are familiar with the area is likely a more cost-effective and efficient approach than learning the local laws yourself.

Partnership agreement templates vary, and lawyers experienced in commercial law can recommend the best partner agreement template for your business. This can include a regulated, non-legal agreement or a different kind of contract, depending on the nature of the partnership. To help you get started, here are a few points to consider during your search for a legal partner agreement template.

What Essential Elements Should a Partnership Agreement Template Contain?

A partnership agreement template should include the key elements of a legal agreement. This includes the names of all business partners, the duration of the agreement, the roles of each partner, how disputes will be handled and any restrictions or conditions on the agreement. It should also clearly state the percentage of ownership held by each partner, and what happens to that ownership if a partner wants to leave the partnership.

Choosing the Right Attorney or Counsel for Advice

It’s important to work with a lawyer or legal counsel who has specialization and experience in the area in which you’re creating the legal agreement. In Dallas, look for attorneys with specialties in business law and commercial contracts. In some cases, it may be more beneficial to find and consult with a lawyer via an online lawyer-client platform, such as UpCounsel, that helps you connect with experienced lawyers who specialize in contract law.

What to Consider When Drafting a Partnership Agreement Template?

Partnership agreements do not need to be complex documents. Before you start writing, think about your business’ needs and long-term goals. The agreement template should be designed to protect the interests of both parties in the partnership, and at the same time, it must clearly define the roles of each partner in the venture.

Lay out the expectations for each partner so there’s no confusion over the definition of success. Additionally, when crafting your partnership agreement, make sure that any capital contributions, profits and losses, and percentage of contributions from different partners should also be included in the document.

Finally, the agreement should outline how the assets of the partnership will be divided in the event of a dissolution. It should also detail how new partners will be brought into the agreement and the procedure if any partner wishes to terminate the agreement.

Last reflections

Having a legally binding partnership agreement is critical in protecting the interests of both businesses and their owners. Working with experienced attorneys who are familiar with the business laws of your local area is the best approach when creating a partnership agreement template. Even if you choose to work with an online platform for legal services, make sure the lawyers on the platform are experienced in business-related matters specific to the state, county, and city in which you operate.

Topics:

Partnership Agreement Template,

Dallas Business Lawyers,

Model Agreement