By Sigrun WinklerOn May 18, 2019 Agreement Template
A partnership agreement is between two people who are entering a business partnership, such as starting a company together. This document outlines each person roles and responsibilities. It contains provisions for everyday company operations so that no one is confused about what they are expected to do. It also will describe what will happen if the partnership is dissolved for any reason. The agreement should state how much money each person is investing to start the company, how payment will work, and what will happen if one of the partners voluntarily leaves the arrangement or is forced to leave due to death or illness. One other important thing that a partnership agreement may contain is how decisions will be made when the partners disagree.
Operating agreements are similar to partnership agreements, but are used for limited liability companies (LLCs) instead of partnerships. LLCs typically have multiple members, instead of just two partners. However, the terms operating agreement and partnership agreement sometimes are used interchangeably. The information contained in an operating agreement is essentially the same as that of a partnership agreement. It should describe how basic business operations will function, including contribution and reimbursement expectations. It also should outline what will happen if disagreements, or worse, arise, and how decisions will be made. This kind of agreement helps business partnerships run more smoothly, even in the face of the unexpected.
A purchase agreement outlines the terms of a one-time purchase, rather than an ongoing payment. A car sale contract agreement falls under this category. This agreement will contain details about the vehicle itself, any damages or issues, and the odometer reading. It also will state the date of sale and the purchase price, or information about an agreed-upon payment plan. The sale contract should state that the car title is clear and the seller has full authority to sell that car. The contract also may mandate a pre-purchase inspection before the sale is completed. Other kinds of purchase agreements include real estate agreements or land sale contracts. These agreements will mention necessary details about mortgages and loans, whether the seller will help with closing costs, if a home inspection is required, and any appliances or furniture being sold with the home. Other information may be necessary, depending on the type of purchase being made. Our purchase agreement samples below make it easy to find the right agreement for your upcoming purchase or sale.
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