Legal Documents you might need as a Business Partnership
June 25, 2017
There are several legal documents that you might need as a business partnership. With Dragon Law, you can get access to all the documents you need. Creating documents is fast, easy, and affordable.
This is a vital document for a partnership. A Partnership Agreement sets out what is expected from each of the partners, how key decisions are made, and how profits (and liabilities) are divided. This document should cover who the partners are, their rights and responsibilities, who owns what, and what will happen if and when partners decide to leave the partnership or new ones join.
Dissolution of Partnership Deed
Partnerships fail or are dissolved for a variety of reasons. A Dissolution of Partnership Deed helps to properly wind up the partnership and divide any assets or liabilities.
When running your business partnership, you may need to share commercially sensitive information. It is important that you preserve confidentiality with a legally binding agreement, especially when intellectual property is at stake. A Confidentiality Agreement, also known as a Non-disclosure Agreement (NDA), allows you to enter into business relationships without having the risk of information being misused or going to third parties without your consent.
Letter of Intent
Before you enter into a formally binding contract, a Letter of Intent (Memorandum of Understanding) can help to set out the key terms of a potential agreement. A Letter of Intent (Memorandum of Understanding) typically includes details of the proposed agreement, pre-conditions, key obligations, the next steps, and the intended signing date. It can be used as a roadmap for further negotiations and to obtain a final agreement more easily. This document is not legally binding, but it can contain certain legally binding clauses such as confidentiality.
As your business expands, you will need to hire people. An Employment Contract sets out the obligations and expectations of both the partnership and the employee right from the beginning. An Employment Contract should cover key areas such as probation period, pay, benefits, hours, annual leave, and termination. It will help to minimise disputes and ensure a happy working environment.
Sale of Goods Agreement or Supply of Services Agreement
A legal agreement for the sale of goods or supply of services helps to make your customers aware of their rights and obligations from the moment you start doing business with them.
If you are selling goods, you will need a Sale of Goods Agreement. It typically covers the description of what is to be bought, the price, delivery and returns, and how the contract can be terminated.
Use a Supply of Services Agreement if your partnership provides services to another business or individual. This agreement describes scope and nature of the services provided as well as the service levels, the fees to be paid, the timescale, and how to change or terminate the agreement.
- Partnership Agreement
- Dissolution of Partnership Deed
- Sale of Goods Agreement
- Employment Contract
- Supply of Services Agreement
- Memorandum of Understanding (MOU)
- Confidentiality Agreement
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