Partnership question

[MDT]

What is the name of your state? florida

My brother and I are entering into a partnership, to start a business together. Can we draw up our own partnership agreement papers and have them notarizeed, or do we need a lawyer to assist us in some way. If so, what would be the correct terminology, when inquiring with an attorney, to refer to this type document.

Thank You

 

[hexeliebe]

This is not something to go about lightly. Have you thought about tax implications? Division on liquidation? Equity vs. financial contributions? Voting rights? Fiduciary Obligations?

These are only the tip of the partnership iceberg that you'll run into when anything happens that you happen not to agree with.

Go see an attorney. You'll probably pay from $200 to 500 to have a good partnership agreement drawn but it will be tax deductable, an expense against partnership assets and will relieve a lot of stress in the future.