As businesses grow, owners may find it necessary to enter into a general partnership agreement. This legal document sets forth the rights and responsibilities of the partners, the terms and conditions of the partnership, and the procedures for managing the business. However, many small business owners may be hesitant to enter into such an agreement due to the cost of hiring an attorney or the complexity of drafting the document themselves. Fortunately, there are resources available to assist in creating a general partnership agreement for free.
One option to consider is using a template. Many legal websites offer free templates that can be customized to fit the needs of the specific partnership. While these templates will not provide the same level of protection as a document drafted by an attorney, they can serve as a starting point and help to ensure that key provisions are included in the agreement.
Another option is to use a free legal clinic. Many communities offer legal clinics that provide free legal advice and assistance to individuals and small businesses. These clinics may be staffed by attorneys or law students under the supervision of attorneys. They can help to review a draft agreement or provide guidance on drafting one from scratch.
Before drafting a general partnership agreement, it is important to consider the specific needs and goals of the partners. The agreement should address issues such as the division of profits and losses, the roles and responsibilities of each partner, and the procedures for resolving disputes. It should also outline the process for making decisions and for adding or removing partners. Additionally, it should include provisions for the dissolution of the partnership should it become necessary.
In summary, a general partnership agreement is a critical document for any business with two or more owners. While it may be tempting to forgo the expense of hiring an attorney, there are resources available for creating a free agreement that can provide a basic level of protection. However, it is important to carefully consider the specific needs of the partnership and to ensure that the agreement is tailored to those needs.