Partnership Agreements

An attorney and the managing principal of the Veritas Law Group, Darren Malek is licensed to practice law in Michigan and Illinois. Darren Malek is knowledgeable and experienced in business law and has worked on matters involving contracts and business formation.

When starting a private company with a business partner, the parties should write a formal agreement to protect themselves as shareholders or LLC members. A shareholders agreement is a firm representation of what is expected from each person as joint owners. It sets forth the responsibilities of each person, the process for dissolving the company or for an owner to leave the business, and the valuation of the ownership interest. Other major points covered in shareholder or operating agreements include financial contributions to the company, allocations of losses as well as profits, the decision-making process, and admittance of new owners.

Most states have statutory standards for shareholders or operating agreements but allow for substantial flexibility for owners in creating a binding agreement governing their relationship.

Darren and Chris Kalamazoo

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: