Draft Partnership Agreement in Delaware for Transportation & Logistics Business
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Partnership Agreement
Delaware
Business
Transportation & Logistics
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Partnership Agreement
California
How to dissolve a partnership agreement?
I want to get out of a partnership we have with another business where we are sharing profits from products we're selling. It isn't working out and the other party isn't living up to their obligations based on what we initially discuss.
Michael M.
Usually, partnership agreements have a termination provision which addresses when and how the partnership can be terminated. Typically, termination occurs upon the vote of the partners or upon the occurrence of an event or number of years.
Partnership Agreement
Tennessee
What is a limited partnership agreement?
Being asked to sign one and not sure what it is. I'm trying to create a partnership with a few of my colleagues and I'm concerned about the word 'limited'.
Michael S.
We really need to know more about the business and how everyone envisions ownership in order to answer the question. In general (and this is very general - I am a PA lawyer, not Tennessee), a limited partnership is an entity through which a business or property is owned. In a limited partnership, you need to have a general partner (either one more individuals or entities) who essentially manage the entity, and also have liability for all liabilities of the general partnership. The limited partners invest in the entity, but have no liability for the entity's obligations.