Tag Archives: breach

Important Topics to Cover in Your Partnership Agreement

When you enter into a business venture with another party, it is crucial that you draft and sign a partnership agreement.

Partnership Agt pic

Many partners enter into business together because they are friends and they don’t think a written contract between them is necessary. However, having an agreement in place can help avoid disputes as well as help preserve your relationship.

Although every partnership is different, there are certain terms that should be included in your written agreement, including:

  • Identifying each partner’s role. Having a plan for the role to be played by each partner in the business will assist in making things run smoothly. The agreement can detail how each partner will contribute to the joint venture, whether by supplying labor, services or financial contributions, so there is no confusion or misunderstandings.
  • Ownership. The partners’ percentages of ownership should be specifically detailed in the contract. Topics to cover include how profits will be allocated, draws will be handled, and distributions will be made.
  • Binding authority. The partners should agree how business decisions will be made. For example, you may wish to limit exposure to liability by agreeing that a partner is required to obtain the other partner’s approval before taking binding action on behalf of the partnership entity. The agreement should also outline the operational and management responsibilities of each partner, including what specific actions require a majority vote.
  • Dispute resolution. If a disagreement should arise between the partners, it is beneficial to have a strategy in place for how to resolve the dispute. For example, the contract may require the partners to go to arbitration instead of filing a lawsuit to resolve disputes.
  • Dissolution. If the partners decide to dissolve the partnership, it will go smoother if you the contract details the dissolution process.

Call us today to schedule your initial consultation. Our office is located in Melbourne, but we proudly serve individuals and businesses across the State of Florida.

Contact a Brevard County Bankruptcy Attorney at Faro & Crowder, PA

If you are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment. We are located in Melbourne, Florida on Sarno Road and serve residents and businesses of the Space Coast and Brevard County.

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We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

Get In Touch with Faro & Crowder, PA

Faro & Crowder, PA
Phone: 321-784-8158
1801 N. Sarno Road, Suite 01
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The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

Breach of Contract Basics

In today’s face-paced world, handshake deals are a thing of the past. Now it is not unusual for business agreements to be outlined in 50+ page contracts. But, even with detailed written contracts, parties still break their promises. It can be even more complex if you are somewhere between a handshake deal and an executed contract. Can you still sue the other party for breach?

Breach of Contract Attorney in Melbourne, Florida

In determining if a contract exists, the court will ask several questions, including:

  • Was there an offer and acceptance? An offer is a promise to do something, or to forbear from doing something, within a specified amount of time. An offer can be accepted by either a promise or through performance.
  • Was there consideration? There must be consideration exchanged between the parties in a contract. Consideration must be legal, adequate inducement exchanged for the promise to do something that the party is not legally required to do or not do.
  • Is the agreement in contract form? The law sets forth certain requirements that must be met for certain types of agreements. For example, if real property is to be transferred, the contract must be in writing.
  • Was there capacity to contract? For a contract to be valid, the parties must have the legal capacity and competency to enter into the agreement.
  • Is the contract legal? The law requires the subject matter of the contract to be legal and not against public policy.

Not all contracts must be in writing to be enforceable. However, having your agreement in writing can save you from spending a lot of time and money in trying to resolve disputes. It can also increase your chances of recovery if there is a breach of the contract.

If you have a contract that you believe meets the above elements and you are interested in learning more about pursuing a breach of contract claim, contact us to schedule an appointment.

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