Draft Partnership Agreement in New Jersey for Consumer Goods Business (2020)
How much does it cost to draft a Partnership Agreement in New Jersey? Below are summary details about a user that needed to draft a
in New Jersey for Consumer Goods Business.
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The user received 2 bids to draft the Partnership Agreement at a pricing range of $800 - $1,550 on a flat fee.
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I am looking to form a partnership with another individual. We are both going to be investing in the same business and want to ensure that our interests are well protected. We have drafted a partnership agreement but are not sure if it is clear enough. We want to make sure that there are no misunderstandings between us and that our interests are clearly defined. We need help to make sure that the partnership agreement is clear and unambiguous.
Answered Mar 3, 2021
Having an attorney review the current draft will provide an objective perspective on any gaps or areas lacking clarity in your agreement. Investing a little more upfront will prevent issues later should disputes arise. Please let me know if you need any other specific suggestions on strengthening your partnership agreement.
I am a co-owner of a small business with a partner. We recently created a partnership agreement to outline the roles and responsibilities of each partner. We have been in business for a few months now, but I am concerned that the agreement is not being consistently enforced. I am seeking legal advice on how to ensure that the partnership agreement is being adhered to.
Answered Mar 3, 2021
I understand you want to know how to enforce a partnership agreement. When a signatory/party to a partnership agreement violates any of the terms and conditions contained within the agreement, the other signatory or signatories to the agreement could allege breach of contract, including breaching the covenant to act in good faith. Generally also, court have found that there is a fiduciary relationship among partners. So, another potential claim could be a breach of fiduciary duty. Generally, prior to filing of any lawsuit, courts want to see that there was a good faith effort to resolves issues prior to the filing of a lawsuit. So, if there is a way to resolve the issue without the need for litigation that could save time and money.