Cover image for The complete partnership book
Title:
The complete partnership book
Author:
Haman, Edward A.
Personal Author:
Edition:
Third edition.
Publication Information:
Naperville, Ill. : Sphinx Pub., [2004]

©2004
Physical Description:
x, 190 pages ; 28 cm.
Language:
English
Contents:
Overview of businesses and partnerships -- Lawyers -- Partnership law -- Your partners -- Writing a partnership agreement -- Changing partners -- Dissolving a partnership -- Looking forward.
ISBN:
9781572483910
Format :
Book

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KF1375.Z9 H358 2004 Adult Non-Fiction Popular Materials-Small Business
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Summary

Summary

Are you considering entering into a partnership? Have you taken the correct steps to protect yourself in case your future partner does not hold up his or her end of the partnership?The Complete Partnership Book takes you through the process of forming your own partnership, while giving you tips to make sure you are protected once the partnership begins. Complete with step-by-step instructions and the agreements and forms you need, this book makes forming your own partnership inexpensive and hassle-free. - Selecting Your Partner with Confidence - Writing Your Own Agreement - Changing Partners - Selling a Partner's Interest - Ending a PartnershipReady-to-Use Forms with Instructions: - Partnership Agreements - Buy-Out Agreements - Termination Agreements - and many more... - Uniform Partnership Act - Revised Uniform Partnership Act - Additional optional clauses - Step-by-Step instructions - Plain-English glossary of terms - Ready-to-use, blank forms


Author Notes

Edward A. Haman earned his Bachelor's Degree from Western Michigan University and his law degree from the University of Toledo. Haman has served as a Michigan Circuit Court domestic relations hearing officer and has practiced law in Florida, Michigan, and Hawaii.

Drawing on his knowledge of the law, Haman has authored close to two dozen self-help law books, including How to Write Your Own Living Will, How to File Your Own Divorce, and The Power of Attorney Handbook. In his book The Complete Guide to Filing Your Own Bankruptcy, Haman simplifies and thoroughly explains everything you need to know to prepare for Chapter 7 or Chapter 13 bankruptcy.

(Bowker Author Biography)


Excerpts

Excerpts

What Kind of Business Organization Works Best for You?

Excerpted from Complete Partnership Book by Edward A. Haman ©2004

First, take another look at the advantages and disadvantages of the various types of business organizations.

******************
Type of Organization Limited Liability Double Taxation Government
Regulation
Sole Proprietorship No No Minimal
Partnership No No Minimal
Limited Partnership For limited partners No Moderate
Corporation Yes Maybe Heavy
Limited Liability Company Yes Maybe Varies by state

**********************


How do you sort through all of this to determine which is best for your situation? If you have a lot of personal assets that you do not want to risk losing, you should probably incorporate. This is especially true if you will be engaging in a business that is more likely than others to subject you to lawsuits (such as a fireworks display business). It will be worth the extra taxes, expenses, government intervention, and paperwork hassle to protect your assets. On the other hand, if you are starting your business on a shoestring budget and do not have a lot of assets to protect, a sole proprietorship is probably the best choice.

A sole proprietorship is usually preferable to a partnership. A partnership should usually be your last choice. It seems to be human nature for partners to argue, whether they are partners in business or partners in marriage. Partnerships, like borrowing money, have destroyed countless friendships.

Generally, you should only take on a partner if you absolutely need that person's money or expertise. First, you may want to see if you can get the money as a loan or hire the person as an employee or consultant to get the expertise. This way you will not be giving up control of your business. A partnership is essentially a business run by a democracy.

Before you commit yourself to taking on a partner, consider what may happen if you disagree. There will be times when a decision must be made that will determine the success or failure of your business. What are you going to do when you and your partner disagree on this decision?

Example: Suppose that about a year after you start your business, the nation's economy goes into recession. Your income drops drastically. You decide that it is necessary to increase spending on advertising in order to reach the customers that are still in a buying mood (this is a commonly accepted and recommended course of action in the business world). Your partner insists that you must cut spending in all areas, especially advertising. What will you do?

If you decide to take on a partner, it is important to choose your partner carefully
and to prepare a good Partnership Agreement. This can help reduce friction between the partners by clearly defining what each partner's role is in operating the business. One of the most vital parts of the agreement is to agree on how to settle disagreements. However, no Partnership Agreement can totally prevent friction between partners. This is why it is important to choose the right partner and to consider such things as your respective personalities, comfort with risk, goals, philosophy of life, etc.

Example: If you are a workaholic and your partner does not believe in working weekends, you may begin to feel that you are doing all of the work. You may become resentful of your partner.

Excerpted from The Complete Partnership Book by Edward A. Haman All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.

Table of Contents

Using Self-Help Law Booksp. V
Introductionp. IX
Chapter 1 Overview of Businesses and Partnershipsp. 1
Types of Business Organizations
Advantages of Partnerships
Disadvantages of Partnerships
Deciding What is Best for You
Chapter 2 Lawyersp. 7
Needing a Lawyer
Selecting a Lawyer
Evaluating a Lawyer
Working with a Lawyer
Firing Your Lawyer
Chapter 3 Partnership Lawp. 13
Partnership Law in General
The Law in Your State
Taxes
Partnership Name
Legal Research
Chapter 4 Your Partnersp. 23
Authority of a Partner
Chapter 5 Writing a Partnership Agreementp. 27
Short Form Partnership Agreement
Long Form Partnership Agreement
Investment Club Partnership Agreement
Creating Your Own Partnership Agreement
Chapter 6 Changing Partnersp. 51
Uniform Partnership Act
Departing Partner Sells to Partnership
New Partner Purchases from Existing Partner
New Partner Buys into Existing Partnership
Chapter 7 Dissolving a Partnershipp. 63
Chapter 8 Looking Forwardp. 69
Glossaryp. 71
Appendix A State Partnership Lawsp. 79
Appendix B Partnership Actsp. 91
Appendix C Formsp. 123
Appendix D Partnership Agreement Clausesp. 147
Indexp. 189