Milwaukee Partnership Agreement Lawyers

Legal Assistance for Business Agreements in Milwaukee, WI

Creating a comprehensive partnership agreement or operating agreement is essential for the smooth operation and success of a business entity. These agreements provide a clear framework for the relationships between partners or members while outlining the rules for the management and operation of the business. Mallery s.c. works with Milwaukee businesses to draft and execute these critical documents, as well as multiple other types of contracts. With our help, business owners and partners can create thorough, enforceable agreements that are tailored to their specific needs.

Key Issues Addressed in Operating Agreements and Partnership Agreements

Business partners may use partnership agreements to protect their interests and address their unique concerns. Members of LLCs may use similar contracts known as operating agreements. These agreements will need to address issues such as:

• Capital contributions: An agreement may detail the initial and ongoing financial investments made by partners or members to fund the business. A partnership agreement should clearly outline the amount and timing of these contributions. Mallery s.c. helps businesses draft agreements that specify each partner's financial obligations, ensuring transparency and fairness.
• Ownership percentages: An agreement should specify each partner's share of the business. These percentages are typically based on the amount of capital contributed or other agreed-upon criteria. Our attorneys can ensure that agreements clearly define ownership percentages that reflect the contributions of partners or members and their roles within the business.
• Profit and loss distributions: How profits and losses will be distributed among partners or members is a crucial element of any partnership agreement or operating agreement. Mallery s.c. helps businesses create clear and equitable distribution terms, ensuring that all partners understand how and when they will receive their share of the profits or bear their share of the losses.
• Compensation and remuneration: Partners or members may receive compensation for their roles within the business in addition to their share of the profits. This can include salaries, bonuses, or other forms of remuneration. Mallery s.c. ensures that compensation terms in an agreement are well-defined and legally compliant, balancing the interests of the partners and the financial health of the business.
• Management responsibilities: The management structure and responsibilities of each partner or member should be clearly outlined in an agreement. It may be necessary to define who will handle day-to-day operations, financial management, marketing, and other critical functions. Mallery s.c. helps businesses establish management frameworks that promote efficient and effective governance.
• Decision-making procedures: An agreement may determine how business decisions will be made and who has the authority to make them. Details related to decision-making may include voting rights, quorum requirements, and procedures for resolving disputes. Our lawyers can help partners or members establish decision-making processes that will help ensure smooth operation and fair representation of all partners' or members' interests.
• Obligations of partners: An agreement should specify the obligations and duties of each partner. It may include non-compete clauses, confidentiality obligations, and the requirement to act in the best interest of the business. Mallery s.c. can help ensure that these terms are clearly defined and enforceable, protecting the business from potential conflicts and breaches of trust.
• Bringing on new partners or members: The procedures followed when new partners or stakeholders join the business should be fully defined. An agreement may include criteria for selection, detail the process for approval, and specify the amount of capital that new partners or members will need to invest. Mallery s.c. helps businesses establish transparent procedures for expanding a partnership or LLC while ensuring continuity and stability.
• Dissolution of the partnership or LLC: An agreement may specify the conditions under which the partnership can be terminated, including when partners or members may leave a business, what will happen upon the death of a partner or member, and the process for winding up the affairs of a business that will be closing. Our lawyers can help draft dissolution terms that will protect the interests of all partners and ensure an orderly conclusion of the partnership.

Contact Our Milwaukee, WI Partnership Agreement Lawyers

Mallery s.c. provides experienced legal assistance for businesses of all sizes and types, helping them create contracts and agreements that will meet their needs. We can help businesses establish agreements that will allow for the ongoing success of partnerships, and we can craft LLC operating agreements that meet all applicable legal requirements. Schedule an appointment today by contacting us at 414-271-2424.