Running a school. What to add in partnership agreement to benefit all?
I am going to run a private school in Haryana on partnership basis. The issue is the property belongs to the other partner. The school has been started 6 years ago. I have got experience in education for about 20 years. Now he wants me to run the school on profit sharing basis.
My question is how should be legal framework of agreement so that both of us will be satisfied at the end of the day, even after 10 or 15 years.
You will have to draft a partnership agreement whereby all the rights and liabilities are clearly laid out. The contractual terms should be clear and unambiguous as to the contribution by both the parties, distribution of profit, liability of losses, exit clause etc.
You can enter into Limited Liability Partnership as well and get your deed registered .
To guide you as to the legal framework of agreement we need to know more details and only then can we provide / help you in drafting the Agreement.
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