When starting a business, one of the most important steps is to establish a legal partnership agreement. This document will define the roles and responsibilities of each partner and set the ground rules for how the business will be run. A partnership agreement also helps to mitigate any potential conflicts or misunderstandings between partners. However, hiring a lawyer to draft a partnership agreement can be costly. If you`re on a tight budget, you might be interested in finding a basic partnership agreement for free. In this article, we`ll explore your options.
First, let`s take a moment to review what a partnership agreement should cover. At a minimum, it should include:
– Names of the partners and the business name
– Purpose and scope of the partnership
– Contributions of each partner (financial, intellectual property, etc.)
– Percentage of ownership and profit distribution
– Decision-making process
– Dispute resolution process
– Partner exit strategy
With that in mind, here are some places where you can find a basic partnership agreement for free:
1. Online legal document providers: There are many websites that offer free legal documents, including partnership agreements. Some of the most popular ones are LegalZoom, Rocket Lawyer, and LawDepot. Keep in mind that while these documents are free to download, they may not be tailored to your specific needs and may require some customization.
2. Small Business Administration (SBA): The SBA is a government agency that provides resources and support to small businesses. They have a partnership agreement template on their website that you can use as a starting point. It`s important to note that this template is not tailored to any particular state`s laws, so you may need to make some modifications to ensure it`s valid in your state.
3. State government websites: Many state government websites have free resources for small businesses, including partnership agreement templates. Check the website of your state`s Secretary of State or Business Services department to see what resources are available.
4. Business organizations: Some business organizations, such as the National Federation of Independent Business (NFIB) and the Small Business and Entrepreneurship Council (SBEC), offer free or low-cost partnership agreement templates to their members.
While it`s possible to find a basic partnership agreement for free, keep in mind that this document is an important legal contract that should reflect the unique needs and preferences of your business. It`s always a good idea to have a lawyer review any legal document before you sign it to ensure it`s legally binding and meets your needs.