Starting a business venture with friends or colleagues can be exciting, but it’s important to have each partner’s terms outlined to avoid any confusion from the beginning. A partnership agreement serves this purpose but can be full of legal jargon and difficult to navigate. Anders tax supervisor Max G. Goewert, CPA, explains the sections of a partnership agreement entrepreneurs should pay special attention to in a recent article for the St. Louis Business Journal’s St. Louis Inno platform.
In the article, Max dissects the purpose of a partnership agreement and how entrepreneurs should navigate the document to fully understand their agreement. “In its most simple form, a partnership agreement is a legal document that dictates how a business formed as a partnership will operate,” he explains. He walks through how capital accounts are laid out to understand how partners put money into the partnership and how it can be taken out, and the economics of transactions.
Read the full article for more of Max’s insights on partnership agreements: Starting a business partnership on the right financial foot: understanding the basics of your partnership agreement.
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