Business Partnership Agreement in Kansas
A Partnership Agreement is also known as:
Business Partnership Agreement
General Partnership Agreement
Articles of Partnership
When entering into a business partnership in the state of Kansas, creating a Partnership Agreement is one of the most important steps you can take to ensure the success and survival of your partnership. A Partnership Agreement a legally binding contract between two or more parties (organizations or individuals) who’ve agreed to enter into business together and to share in the profits/losses of the business.
The Partnership Contract sets forth the rules that will govern your partnership, outlines the roles and relationships of the parties involved, as well as their obligations and what is expected of them. You do not need a lawyer or notary or witnesses. Only the signatures of the partners are required to make the Agreement legally binding.
Free Partnership Agreement Template—Ready in Minutes
You can easily create your Partnership Agreement in Kansas using our free template. Simply input your information above and in minutes, you can download, edit, email and print your legal document, or read on for more information.
Some of the Elements of a Partnership Contract are detailed below.
How much is each partner putting into the partnership, in terms of cash, capital, and time contributions? What is the ownership stake of each partner?
Profits and Losses
How will profits and losses be allocated? Will the distribution be based on capital contributions, a predetermined percentage, or are the profits and losses shared equally among the partners?
Partners Authority, Decision Making and Voting
The Agreement will specifically detail what a partner can and can’t do on behalf of the partnership, as well as what types of decisions require voting on by the partners and what vote tally is required for such decisions.
One of the most important functions of a Partnership Contract is to specify how disputes between the partners will be resolved. Typically, the Agreement will specify that certain disputes be referred to a third-party mediator or arbitrator for resolution.
New Partners and Withdrawal of Partners
Will the partnership allow new partners, and if so, under what conditions? What happens if a partner wishes to leave the partnership? The Partnership Agreement will outline the requirements and process for such.
Whether you are in Lawrence, Topeka, Wichita, Kansas City, Olathe, Overland Park, Manhattan, or any other city in Kansas, you can use our free Partnership Agreement template and get down to business!