For this project you will be writing a Partnership agreement for Mrs. White, Mr. Plum, and Dr. Peacock. They want to start a biotech research business in the form of a General Partnership. All three are to be general partners and there are no limited partners.
As with any partnership, each of the partners has different strengths and weaknesses and needs.
As with any business, the tasks that need to be performed will differ from one business to another, e.g., this partnership business might have the need to dispose of hazardous biological waste.
Now as I hope your text tells you, a Partnership can be formed with or without a formal partnership agreement. If there I no agreement, or if the partners do not attend to all details, the Uniform Partnership Act will, by law, fill in the details.
So, before you construct your agreement, you should look through the excerpts from the UPA (attached under Project 2 description) , to know what happens if no mention is made in a partnership agreement. For example,
As a general partnership is owned by several parties engaging in business–
No one is entitled to compensation for the work they do in the business.
Everyone is entitled to an equal share of the profits, and liable for an equal share of the losses
Everyone has equal right to manage the business in all particulars, and each partner is an agent for the partnership in all matters,
And so on.
These are the rules — Unless the partnership agreement provides otherwise. This is very important, since it is just these sorts of things that might have to be altered–and others as well–to take into account the strengths and weaknesses of the partners, and the nature of the business as a Biotech research firm.
Use your imagination!
You may include some boilerplate from internet examples of partnership agreements, but most of your grade will be based on how you construct your agreement to be useful to the three partners, and to foresee, ahead of the problem, what problems they might face down the road.
Use the order calculator below and get started! Contact our live support team for any assistance or inquiry.
[order_calculator]