Legal Issues

What Is The Importance Of A Partnership Agreement?

What Is The Importance Of A Partnership Agreement?

A Partnership Agreement is a voluntary contract between two or more persons to enter into a business relationship between or among one another with the intention of carrying out the said business and sharing its profits/losses among themselves as agreed to in the document.

The parties to the agreement are referred to as Partners. The Partners agree to put all their capital, labor and skills towards achieving maximum gains from the venture. A Partnership Agreement will also spell out the manner in which it may be dissolved and must be signed and followed by each of the Partners.

Lawyers Are The Most Laughed Off Professionals

Lawyers Are The Most Laughed Off Professionals

Pun apart, dictionary says a lawyer is a professional person authorized to practice law; conduct lawsuits or give legal advice. The famed legal encyclopedia ‘Thomas Gales’ goes further in describing a lawyer as “Any qualified person who prosecutes or defends causes in courts of record or other judicial tribunals”.

Most of the times the terms attorneys, counselor at law are interchangeably used with lawyers and they are perfect unless there is some expressive contraindication.

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