Form a partnership the complete legal guide

Table of Contents......Page 10
Introduction......Page 14
C. Do You Really Need a Partnership Agreement?......Page 15
E. How to Use This Book......Page 16
F. A Personal Note......Page 17
1. Getting Started — Choosing a Business Structure......Page 18
B. Partnerships......Page 20
C. The Sole Proprietorship......Page 21
D. Corporations......Page 22
E. The Limited Liability Company......Page 23
F. Partnerships vs. Limited Liability Companies or Small Corporations......Page 25
G. Limited Partnerships......Page 32
H. A Closer Look at Partnerships......Page 34
2. An Overview of Your Partnership Agreement......Page 44
B. Preparing Your Agreement......Page 46
C. Basic Topics Covered in a Partnership Agreement......Page 47
D. Partners: Their Authority and Relationship......Page 48
F. Financial Considerations......Page 54
G. Expanding Your Business......Page 57
H. Operational and Management Responsibilities......Page 58
I. Withdrawal of a Partner, Buy-Outs, and Ending a Partnership......Page 59
J. Disputes......Page 60
K. Short-Form Partnership Agreements......Page 62
L. Will You Need a Lawyer or an Accountant?......Page 66
3. Partnership Name, Contributions, Profits, and Management......Page 68
A. Name, Term, and Purpose......Page 69
B. Contributions......Page 75
C. Profits, Losses, Draws, and Salaries......Page 84
D. Management Responsibilities......Page 88
4. Changes and Growth of Your Partnership......Page 98
A. Amending the Partnership Agreement......Page 99
B. Admission of a New Partner......Page 100
5. Changes: Departure of a Partner, Buy-Outs, and Business Continuation......Page 106
A. Buy-Sell Clauses......Page 109
B. Determining the Value of the Business......Page 115
C. Payments to Departing Partners......Page 128
D. Expelling a Partner......Page 131
E. Continuing the Partnership......Page 133
F. Terminating a Partnership......Page 138
6. Partnership Disputes: Mediation and Arbitration......Page 142
A. Mediation......Page 143
B. Arbitration......Page 145
C. Combining Mediation With Arbitration......Page 148
7. Partnership and Taxes......Page 150
A. Using Tax Experts......Page 151
B. Partnership Business and Personal Income Taxes......Page 152
E. Tax Consequences of Contributions to a Partnership......Page 153
F. Management of the Partnership Business......Page 157
G. Tax Returns......Page 158
H. Taxation and Sale of a Partnership Interest......Page 160
I. A Few Additional Tax Concepts......Page 162
8. Getting Your Business Started......Page 164
A. Permits and Licenses......Page 167
B. Federal and State Tax Requirements......Page 169
C. Bookkeeping and Accounting......Page 172
D. Budgeting......Page 173
E. Insurance......Page 180
F. Rent and Lease Negotiations......Page 181
9. Limited Partnerships......Page 184
A. How a Limited Partnership Works......Page 186
B. The Relationship Between the General Partner and the Limited Partners......Page 190
C. Securities Aspects of Limited Partnerships......Page 193
D. Certificate of Limited Partnership......Page 197
E. Tax Aspects of Limited Partnerships......Page 199
F. Limited Partnership Agreements......Page 200
10. Lawyers and Other Professionals/Doing Your Own Research......Page 210
A. Lawyers......Page 211
B. Partnership Tax Experts......Page 216
C. Doing Your Own Research......Page 217
11. Drafting Your Own Partnership Agreement......Page 220
A. How to Prepare Your Agreement......Page 221
B. After You’ve Drafted Your Agreement......Page 225
Appendix 1: Resources......Page 246
Resources for Further Research......Page 247
Citations to State Uniform Laws......Page 248
Appendix 2: How to Use the CD-ROM......Page 250
B. Using the Word Processing Files to Create Documents......Page 251
Tear-Out Forms......Page 254
Partnership Agreements......Page 256
Short-Form Partnership Agreement......Page 282
Sample Parnership Termination Agreement......Page 284
Index......Page 288
Web Resources......Page 294