law advocate group
While it is not required to have a partnership agreement, it is extremely advisable. This legal contract lays out everything about a partnership, including responsibilities, shares, management and general guidelines.
If a partnership agreement is not in place, the Revised Uniform Partnership Act (RUPA) will dictate not only how you and your partner do business and share earnings, but also how you and your partner should proceed if a legal dispute arises.
Lawsuits brought by your business partner can be extremely stressful and result in damages of different kinds. As a result, having an experienced litigation law firm on your side to protect and defend you against such claims is vital.