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May 05, 2021|
In this article we will like to highlight the important aspects on why it is critical that small businesses analyze ‘partnership agreements’ and its legal implications.
A partnership agreement can be defined as a legally binding agreement between the partners of a company that outlines the roles and responsibilities of each partner and includes the very structure of how the business is to be managed. The partnership agreements can be simple or complex depending on the scope of the business operations. It is essential that partnership agreements be entered into to ensure that the rights of each partner are clearly protected and similarly the obligations of each partner are laid out in writing in clear language. This ensures to bring in a defined structure that is legally enforceable especially in the instance of a dispute. A partnership agreement is therefore a legally binding key document that exists between the partners, which particularly determines the control, and management of the company.
Partnership agreements come in many forms and can be simple or complex depending on the scope of the business structure of a company. In the UAE partnership terms are generally in the form of the ‘memorandum and articles of association ‘ of a company. These constitute the integral incorporation documents of a company and are mandatory to be registered with the concerned department of economy or the concerned free zone authorities in case of free zone companies.
It is essential to take proper legal advice from corporate lawyers before entering into a partnership agreement. A corporate lawyer can assist you in drafting a partnership agreement and advice you on the pro and cons of the major terms and how you can protect the best interests of the company in the long run. It is best to seek legal help while drafting a partnership agreement and to understand in depth the legalities of the key terms on which the partnership is to be founded.
Some of the major factors that make partnership agreements indispensable are the following:
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