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Establishing a Partnership

Writing a partnership agreement to include in the business plan, can be a difficult step for many first time business owners. Some may not even know that there needs to be a partnership agreement or that any such agreement should be included in the business plan. At MasterPlans, we know every detail of starting a business, and that includes what each type of business needs to put in its business plan. When you trust us to write your business plan, you can be sure that we will ask you everything we need to know about your business so that your business plan will be a complete and accurate representation of your brainchild. Your well-put-together business plan is our business.

If your new business venture is going to be a partnership of some kind, it is very highly recommended that the partners get together and write out a Memorandum of Understanding, or an MOU. This document is not a legal requirement for most businesses, but it is an important practice for starting a partnership, and it should never be neglected. The MOU that your company's partners build is the best way to protect the company and each other from misunderstandings. This document explains the ownership rights and responsibilities for your company, and is a written record of the agreement made by the partners who are involved in the start-up or who might be involved at a later date. One thing this document cannot be used for is transferring funds between partners. After your partnership has written an MOU, it is important to let the Solicitor's Office review the document to make sure that the document contains all necessary information and to make sure that nothing in the document might cause a problem down the road.

Since there are many different types of partnerships available to your new company, it is a good idea to study what the difference between each one is. Contact a lawyer. Your company will need a lawyer sooner or later, and the lawyer might as well help your company sort out the complicated issues that surround partnership.

There are many important pieces of information that need to be included in your company's partnership agreement. It should state, among other things, what responsibilities each party will hold, background information on the business and its goals, what the partners' goals in creating the agreement are, how long the agreement should last, etc. It should tell what amount of liability each partner holds in the company, as well. For more information on what your partnership agreement should contain, the Department of the Interior's FAQ page is a great resource.

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