A well-written partnership agreement can meet these expectations and give each partner a clear map or plan on what the future holds. Business owners enter the business with optimism and good intentions. However, disputes between counterparties are too frequent and can destroy the entire operation. A well-crafted partnership agreement can protect owners` investments, significantly reduce business interruption, and effectively resolve disputes when they arise, saving owners tens of thousands of dollars in attorney fees later on. For example, if the partnership dissolves and there are still debts to suppliers or lenders, those creditors can sue you personally to pay the debt. Partnership debts expose your personal property to liability unless you are a limited partner, in which case your liability is limited to the money you have invested. The partners are personally responsible for the commercial obligations of the partnership. There are three types of partnerships: general partnerships, joint ventures and limited partnerships. In a complementary company, the partners share equal management responsibility, as do the profits. Joint ventures are the same as general trading companies, except that the partnership exists only for a specified period of time or for a given project. . .
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