Business partnership agreements are written agreements which states the rights, responsibility, and accountability of the parties involved in the agreement. This document will be the basis on how the agreement should work, when will it be in effect, for how long will it be in effect, and the provisions in which the harmony and the overall efficiency of the agreement evolves around.
In layman’s terms, a business partnership agreement is essential so that the partnership of business establishments may be in effect in good faith. If you are about to have an endeavor in a business partnership, scroll down and make your life easier with an array of choices that are available to look at and download anytime. Have a look at them, choose all the examples you like, download them to your benefit.
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Why Is a Written Agreement Crucial in Any Partnership
in a nutshell, a written agreement is essential to a partnership because it sets the expectations both parties have of one another in terms of performance, risk management and reduction, standards and the like. apart from these reasons, here are a couple more on why it is crucial to have aw written agreement crucial in any partnership.
- To protect individual business interests. Business interests are important for a reason, they include future plans of businesses that they may implement or execute in the future. A business interest or more commonly, the interests of a company is a concept in which directors of companies use their power for the betterment and for the benefit of the company. and while two or more corporate entities partner up to aid each other and to be a more powerful and united force in a certain market, conflict of interests are possible while the parties are going about their individual endeavors and agendas outside the partnership. A business partnership agreement in writing may aid the parties involved in the event a conflict of interest is in occurrence.
- To set expectations from the parties involved. In any relationship or partnership, it is important for parties involved to be able to set expectations from each other. To be able to set the expectations and standards of an agreement assures all the parties involved of a smooth sailing partnership. Expectations set the manner on how the parties involved should act at any given circumstance or moment, thus setting a certain standard in which parties involved in the partnership agreement should adhere to. In placing the expectations in a written document, all parties involved in a certain agreement are encouraged to adhere to such expectations to be able to avoid future conflicts and for protection of the set standards of the agreement.
- To help in dealing with a non-performer. Partnerships are started and are done in the first place since the parties involved have developed a trust and confidence in each one’s performance even before the partnership started. Once bound to adhere to the agreement, however, is a new story. In the event in which a partner is performing well below the expectations that are set and is already providing setbacks and deficits for the other parties, instead of being able to provide development to the partnership, the corporations involved should turn to the partnership agreement for possible actions on the non-performer. The agreement, in this case, more often than not serves a fallback option and provide the necessary steps in dealing with a non-performer in the business application.
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How Will a Business Partnership Agreement Aid a Business?
Naturally, an agreement should prove to be beneficial to all, that’s why it was made in the first place. Apart from the obvious reasons such as having others help you in the venture, here are more reasons why its is a great help to all involved:
- Structuring a framework that will be beneficial to your business. A well structured business partnership agreement will not only secure a good relationship with those involved at the end of the day, but also serve as a framework that would prove to be beneficial to your business applications. A well drafted agreement will provide a beneficial outcome to all parties, at the same time being able to keep relations with each other in a good way. If the profit is good for all parties while being able to maintain a sense of respect with each other, then a business partnership agreement is well drafted.
- No one gets left hanging. Whenever business partnership agreements take a turn for the worse and relationships turn sour, a partner might leave others hanging and leaves the partnership without any notice at all. In a case like this, a business partnership agreement will prove to be a savior for the parties left in the agreement should a partner company leave the agreement. A well-drafted agreement will be able to serve as a fallback option for the parties still in the agreement and should provide provisions on how to go about these types of situations, may it be legal or through a settlement. The document is there for a reason and should be able to provide ample provisions on whatever scenario may occur in the duration of the agreement.
- Shared profit, and losses. The Partnership was done in the first place to be able to gain more. A better profit and further development of each corporation is of utmost importance in the agreement. In this case, a good partnership and agreement will prove to be a big aid in the development of each partner in terms of profits. But the sky does not always provide sunshine for everyone. There will be times a bad venture could have an effect in the profits of a company. In these circumstances, the loss will not prove to be a big problem for an individual since the loss, like a gain, will be shared be all partners in the agreement. In a case like this, a loss that is shared among all parties involved in the partnership will be in a less amount because the amount of the deficit will be divided among the shareholders and everyone involved compared to a loss that is shouldered by a single individual. A good agreement should be able to provide a provision that every cent in a profit or every penny in a loss would be shared by all.
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Types of Business That Could Gain from a Partnership
There are a lot of business types that could gain well from a good business partnership. In these cases, the more really proves to be the merrier. Here are types of business that would gain more through a partnership:
- Advertising Agencies – We have seen advertising plan agencies merge and make one big conglomerate before. Do a quick search on Google and you’ll see thousands of mergers have occurred before. Partnerships and mergers in this industry is very common, along with acquisitions. In the advertising world, there is a very heated competition. Some businesses decide to partner up and make more clients and share the profits, and losses.
- Law Firms – As most of the law firms are structured as a partnership between two senior lawyers who are the main source of revenue of the law firm, they do not share profits or liabilities per se. Partners of a law firm are salaried and only get their share of the profit at the end of a given year.
- Public-Private Partnerships – Almost all countries in the world currently have public-private partnerships, or simply PPP. These are partnerships is a result of joint venture of the government of a certain place or country and the private sector. There are many models of this type of partnerships, but the main concept of a business partnership is still at play in a public-private partnership, such as shared risks. Though this type of partnerships have a different profit division model than most private partnerships, the profit is at it’s core, is still shared among the parties. An example of a model of this type of partnership is on infrastructure projects where a contractor is given a project to build a structure and receives direct payment from the government. when the structure is complete and the place opens for leasing, the government and the contractor or operator will share the leasing profit for a certain duration.
Business partnerships are very useful in gaining a profit provided that each partner does his or her job for the partnership not to acquire liabilities. Moreover, Business partnership agreements are essential in any kind of partnership as the agreement will provide the provisions on how partners should act, their right, obligations, responsibilities and roles. In cases of shortcomings and relationships-turned-sour scenarios, an agreement should say the steps on how to go about such occurrences without much hiccup.
Business partnership agreements are also essential in which it provides risk management and reduction in cases where risk reduction is important. It is also like a flow chart, in the sense that the agreement should make problems easier to solve for both parties. These examples provided here are excellent choice for you to download, so choose one or some, and don’t forget to hit that download button!