Kentucky General Partnership Package

State:
Kentucky
Control #:
KY-P022-PKG
Format:
Word; 
Rich Text
Instant download

Description

With this General Partnership Forms Package, you will find the general forms that will assist you with the formation, management and dissolution of a partnership. You may modify these forms to suit your particular needs or situation.



Included in your package are the following forms:



1. A Simple Partnership Agreement;

2. A Sample Complex Partnership Agreement

3. A Buy Sell Agreement between Partners in a Partnership;

4. A Profit – Loss Statement; and

5. An Agreement for the Dissolution of a Partnership.



Purchase this package and save up to 40% over purchasing the forms separately!

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FAQ

Share the same values. Choose a partner with complementary skills. Have a track record together. Clearly define each partner's role and responsibilities. Select the right business structure. Put it in writing. Be honest with each other.

Similar to sole proprietorships, partnerships retain full, shared liability among the owners. Partners are not only liable for their own actions, but also for the business debts and decisions made by other partners. In addition, the personal assets of all partners can be used to satisfy the partnership's debt.

A general partnership is the shared ownership of a business by two or more people.Forming a general partnership is as simple as filing a form with the Clerk of the Circuit Court in the county in which the business will be located and paying a relatively small fee.

For example, let's say that Fred and Melissa decide to open a baking store. The store is named F&M Bakery. By opening a store together, Fred and Melissa are both general partners in the business, F&M Bakery. It is important to note that each general partner must be involved in the business.

Decide How You'll Split Profits In a business partnership, you can split the profits any way you wantif everyone is in agreement. You could split the profits equally, or each partner could receive a different base salary and then split any remaining profits.

Types of Partnership General Partnership, Limited Partnership, Limited Liability Partnership and Public Private Partnership.

Share the same values. Choose a partner with complementary skills. Have a track record together. Clearly define each partner's role and responsibilities. Select the right business structure. Put it in writing. Be honest with each other.

LLC partnership (also known as a multi-member LLC) Limited liability partnership (LLP) Limited partnership (LP) General partnership (GP)

Determine the amount of the total investment required to get the business started. Divide your own contribution by that total to estimate a fair percentage of ownership. Use this as a starting point for negotiations with your proposed partners. Discuss your proposed role at the business with the other partners.

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Kentucky General Partnership Package