There are various options for owning and managing a business. Some opt to single-handedly own and run a business. While others decide to have partners in running the business. Business partnerships also have different types, with varying degrees of liability and accountability. Pairing up for a business can also be a tricky situation. You need to make sure that you are investing with the right people. So, to be sure and firm about your decision, use an agreement checklist to evaluate your prospective partner and current business situation. Complete a checklist before drafting up a partnership proposal.
10+ Partnership Agreement Checklist in Templates in Google Docs | Word | Pages |
1. Partnership Agreement Checklist Template
The most important thing in a business partnership is choosing the perfect partner. The decision of each one affects the flow of the business. Keep in mind that you and your co-owners share both the profit and losses. You can evaluate your prospect partner through this checklist template to make sure that you can work together for the success of the business.
2. Checklist Partnership Agreement Template
Business partnerships are legally binding. Before you start making a contract about your partnership, you and your partner can discuss the details of your business. This Checklist Partnership Agreement provides a list of basic questions that need to be discussed for the contract, such as the name of the business and some questions about everyday management.
3. Checklist Pre-Incorporation Agreement Template
Partnerships do not only join together individuals, but they also legally bind existing corporations and companies. With the use of this Checklist Pre-Incorporation Agreement, both parties can identify the kind of partnership they are getting into. This simple printable template is also available for digital sharing on different platforms.
4. Co-Branding Agreement Checklist Template
Partnerships, in essence, means that two individual entities work together to achieve a common goal. This relationship also happens in advertising. It is when two companies work together under one brand. Tasks and responsibilities are listed in this checklist sample and should be discussed between the two parties. Go ahead and download this template now!
5. Restaurant Franchise Agreement Checklist Template
Franchising a business can also be a form of partnership. As a franchisee, you add to the capital of the franchisor. Make sure you get everything covered with this franchise agreement checklist template. You basically become an investor to their business. As you apply to be a franchisee, you will be under a thorough screening process. This process will ensure that both parties will bot waste money.
6. Checklist for Employment Agreement Template
Ideally, partners are not compensated; they do not receive a monthly paycheck. But in some partnerships, a partner’s contribution to the deal is their service. Although they are considered to be a co-owner of the company, there is still a need to evaluate their competence and mastery for the job.
7. Checklist Partnership Agreement Template
Aside from contributing service and competence to the business, the main factor in forging partnerships is bringing in funds for starting up the business. Fund matters should be thoroughly discussed when going through the checklist. Mainly because the funds contributed by each partner will keep the business running until it stabilizes. Get this template to ensure that the record of your funds is accurate.
8. Checklist Drafting Joint Promotion Agreements Template
A joint promotional agreement is common among businesses that benefit from each other. This partership is also undertaken to lessen the expenses for both sides. With the use of this checklist, both parties are made aware of their responsibilities in the partnership. This includes the things they need to do to increase the benefits for both groups.
9. Partnership Agreement Checklist
A checklist makes sure that all the important details are present in a report, agreement, or meeting. In this agreement checklist, it lists down the crucial factors in making a partnership agreement. It starts with making sure that the parameters of the relationship are clear. It continues on while considering the preferences of each side to come up with a favorable mutual solution, such as the one shown above.
10. Important Information on Partnership Agreements
Before entering any legal agreements or relationships, one should always be aware of the details of what they are getting into. This document explains the factors and details of a partnership agreement. Before making any decisions, make sure that you understand what each statement means.
11. GSP – Partnership Agreement Checklist
Global School Partnerships crafted a checklist template that are highly useful for school administrators and staff. They can use this in their discussion with possible partners. This checklist is easy to use because it provides questions to start the discussion about a major factor in the agreement.
5 Steps in Making a Partnership Agreement Checklist
Step 1: Determine the nature of the partnership.
Business partnerships have several structures. In a general partnership, both parties have a say in the daily operations. They are also both liable in cases of lawsuits and debt. There is also a limited partnership, where only one will be responsible. There is also the limited liability partnership where each partner protects another in cases of lawsuits. You should discuss with your partner the best scheme to follow.
Step 2: Identify the crucial factors of an agreement.
Once the nature of the partnership is identified, you can refine your contract. Identify the key factors that should be present in a particular collaboration. These are the non-negotiable factors in your checklist. In contract negotiations, setting the parameters and limitations for these factors are the priority. These factors may include contract terms and distribution agreements.
Step 3: List down negotiable factors.
Because of the liquid nature of partnerships, some factors are present in some agreements, and others are not. These negotiable components can be discussed and decided along the run of the business. You can individually list down these factors, consolidate, and discuss it with your partners as you come up with the checklist, contract, and proposal.
Step 4: Discuss with the partner.
The most crucial part before getting into legal agreements is that all parties should be aware of all the stipulations of the agreement. Go through each point to include in the checklist. Approved statements will be on the contract.
Step 5: Research local laws and regulations.
To wrap things up, make sure that you covered all the possible situations that need to be covered by a contract – this includes an unforeseen death of a partner, possible retraction, and bankruptcy. If a stipulation is not in agreement, state laws and federal regulations overrule. You may want to look into these regulations and use these as reference.