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Negotiating and Drafting Effective Partnership Agreements

Learn effective agreement techniques to ensure managing partnership agreements can be clearly defined.

A partnership agreement can make or break a business. A poorly drafted agreement can cause confusion and wreak havoc if it doesn't properly reflect the intentions and nature of the partnership. However, an effective partnership agreement that clearly defines the structure, roles, expectations, and contingencies can be an invaluable tool that the partners refer to for guidance throughout the life of the business. In this material, we'll review the basics of partnerships, discuss the essential questions you should be asking your client, and address the many aspects of the partnership agreement (such as money, management, and dissolution issues) on which you should be advising your client.

87 minutes
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Brief Review of Partnerships

Types of Partnerships: Structure Is Key

Specific Concerns: Questions to Ask

Money

  • Allocation of Net Income and Net Loss
  • Accounting Methods and Tax Elections

Management

  • Managing the Partnership vs. Managing the Enterprise
  • Management Committee Functions
  • Managing Partner Functions
  • Prohibited Acts of Managers
  • Compensation of Partners
  • Representations and Warranties

Wind up and Dissolution of Partnerships

Partnerships With Legal Entities

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on November 19, 2018.

Call 1-866-352-9540 for further credit information.

No Credit Available

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Noel R. Bagwell, III, Esq.

Noel R. Bagwell, III, Esq.

ExecutiveLP®

  • Operates ExecutiveLP®, a virtual law firm based in Nashville, Tennessee
  • Has won numerous awards, including the Tennessee Supreme Court’s Attorney for Justice award for his pro bono work with veteran entrepreneurs, as well as the Clarksville, TN Mayor’s Certificate (2019) for his contributions to the business community in that city, which, in 2019, Money magazine named the Best Place to Live in America
  • Exclusively works with business clients to transform their legal support from a cost center to a profit engine, through ExecutiveLP’s legal operations install service, Profit from Legal™, and ExecutiveLP’s Legal Lifeline and Signet™, outside general counsel services
  • Author of How to Structure Your Business for Success, a book of legal guidance for startups interested in putting their new venture on a firm legal foundation; Profit from Legal, an upcoming book structuring legal operations around the use of legal key performance indicators to create the conditions necessary for legal support to generate positive ROI for businesses; and numerous print and electronic articles for the Nashville Bar Journal and various blogs
  • The host of the Profit from Legal Podcast
  • J.D. degree, Cumberland School of Law at Samford University; Scholar of Merit: Economic Analysis of Law; B.A. degree in Philosophy, minor in international studies, Austin Peay State University
  • Can be contacted at 615-716-0606 (option 5) and [email protected], on LinkedIn: https://www.linkedin.com/company/2779139/; LinkedIn Group: https://www.linkedin.com/groups/13936380/; on Twitter: @ExecutiveLP; https://www.twitter.com/ExecutiveLP; Facebook: https://www.facebook.com/ExecutiveLP; or Facebook Group: https://www.facebook.com/groups/profitfromlegal
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 399933
Published 2018
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