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Find FAQs related to forming a business partnership.
The biggest difference between a general or limited partnership and an LLC is that the general partners of any partnership are personally liable for any business debts. This means creditors can go after the partners' personal assets while members of an LLC are not personally liable.
General partnerships may require filing a DBA/Business Name statement with the state or county if the business name does not include the surnames of the partners. Forming either a limited partnership or a limited liability partnership requires filing articles with the Secretary of State or the appropriate state agency.
LegalZoom can help you create a framework partnership agreement to save you time and money you might otherwise spend on lawyer's fees.
A breach of agreement means that one party did not live up to their end of the
bargain. If any of the terms or agreements are not met, this could be
considered to be a violation of the agreement, or a "breach."
For the agreement to be valid, the agreement must include some form of
consideration. This means the agreeing parties must exchange "something of
value" from the agreement.
The most common way to resolve business agreement disputes and enforce
agreements is through the court system. However, courts and lawsuits are not
the only option for businesses. Mediation and arbitration are also solutions.
Usually not. A notary public (or notary) provides an acknowledgment that the
signature appearing on the document is that of the person whose signature it
purports to be. There is a requirement that some documents be notarized, such
as a real property deed. Unless specifically required by state or municipal
law, a written agreement does not have to be acknowledged before a notary
Offer and acceptance are the beginning part to any agreement.
When one party makes an offer and the other party accepts the offer, an agreement has been reached.
At this point, the only other thing needed to become a legally enforceable agreement is "consideration."
A performance agreement is an agreement to perform a certain task. Music bands
or entertainers often use performance agreements to sign deals to perform at
certain venues or theaters.
There are certain types of agreements that must be in writing to be
enforceable. Typically, any agreement that is worth more than $500 must be in
writing. Also, sales of real estate and agreements that take longer than 1 year
are required to be in writing.