Ch. 11 - Key Elements to a Partnership Agreement

The most important objective for the owners of all firms with more than one owner should be to execute a partnership agreement. The absence of an agreement can be very dangerous on many levels. A partnership agreement should address admission of new partners, buy-outs and retirement of owners, restrictions on competition from former owners, compensation of owners, death and disability of owners, and governance of day-to-day operations as well as major decisions such as mergers with other firms, terminations of partners, and breaking up the firm. Without an agreement, you may be leaving the control of these matters in the hands of courts and lawyers.

Learning Content
  • Partner Retirement Provisions
  • Governance
  • Restrictive Covenants


Key Elements to a Partnership Agreement

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