A partnership agreement or otherwise known as a shareholder agreement, an LLC Operating Agreement, or any other written contract between business partners are critical. The most likely business dispute is a business partnership dispute. Often times, each partner's personal assets are exposed in a partnership or business dispute to the surprise of each partner.
A well-written partnership agreement should answer the following questions:
--What happens if one partner wants to be bought out?
--What happens if one partner becomes divorced or disabled?
--What is each business partner's duties?
--If a disability or death occurs, how is the other side bought out?
--What is the purchase price upon a buy out?
--What is the procedure for making key business decisions?
The above questions are critical questions that a well-written partnership agreement should address. Sean Robertson is a business and asset protection attorney based in downtown Chicago and Naperville, Illinois. Sean Robertson is Managing Partner of Robertson Law Group, LLC. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.
Monday, January 31, 2011
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