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Q.Do I need a written partnership agreement?
A.Yes if you are forming a limited partnership, and no if you are forming a general partnership. Although a written partnership agreement is not required for general partnerships, you are a fool not to have one prepared by a local competent attorney.
A properly written partnership agreement that details the major points of your relationship, each partner's duties and responsibilities, how profits (and losses) will be distributed, and an exit strategy can save you tens of thousands of dollars in attorneys fees later if problems arise. Without such an agreement, misunderstandings are likely to turn into disputes, which in turn can lead to large legal bills.
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