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Entrepreneurs: A written partnership contract could prove vital

Entering into business with another entity can be an exciting endeavor. However, while such an arrangement could help a company achieve greater success, there may also be a certain level of risk involved. Entrepreneurs in New York who are considering entering a business partnership may find it advisable to place the terms of the arrangement into writing, as a written contract could prove beneficial in a variety of ways.

Upon being signed by all parties involved, a written agreement may become a legally binding document that dictates the terms of the business partnership. This document can help set clear guidelines concerning each party's responsibilities and ownership rights. A written agreement can also dictate how any possible changes will be handled, and the scenarios in which the partnership may be dissolved or terminated.

In addition to helping with operations, a written agreement may also reduce the likelihood of conflict among partners. Should disputes arise, the contract may dictate the methods that will be used in resolving any issues. A partnership contract could also help prevent certain tax concerns, and such a document could determine how to handle other potential issues, such as conflicts of interest or noncompete disputes.

For entrepreneurs who wish to enter a business partnership, protecting their business interests in the process may be essential. Since knowing every aspect to address when forming a written contract can be challenging, a person in New York could consider retaining the services of an attorney for guidance. An attorney can provide a client with advice in every step of the process and provide assistance should partnership disputes arise in the future.

Source: thebalancesmb.com, "Why Your Partnership Needs a Written Agreement", Jean Murray, Accessed on May 29, 2018

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