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Can an agreement help your business avoid a partnership dispute?

Not everyone can afford to start up a business on their own - they need partners. In many cases, partnerships can be quite fruitful, divvying up responsibility and profits alike. However, not all relationships are meant to last, both in personal life and professional life. So, what can business people in Florida do to avoid partnership disputes? Can an agreement help?

In many cases, the answer is definitely yes. A partnership agreement can serve the same type of interests as another type of agreement that our readers might be more familiar with: a prenuptial agreement. Like a prenuptial agreement, a partnership agreement can provide details and a framework for what will occur if one or more partner decides to leave the business. How will assets be divided? Will the partnership interest pass to the remaining partners? Can the partnership be bought out? These, and many other factors, can be the subject of a partnership agreement.

But, partnership agreements can regulate what occurs while the partnership remains in effect as well. These agreements can provide details about responsibilities in the partnership, how profits will be divided among the partners and what types of financial contributions the various partners will be expected to make in the company.

Anyone in Florida who goes into business will likely do so with the expectation that all relationships will go smoothly - not just with suppliers and vendors, but also with partners. A partnership agreement can help, but nonetheless sometimes disputes will occur. When this happens, it is important to know your legal rights and options.

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