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.
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Documentation Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- how can i apply for Legal Heir Certificate?
- Can name of biological parents be changed in birth certificate
- Husband harassing wife acting as directive what action can I take
- How can I recover my 1 month salary from company
- Fees to be paid by an aggrieved person DRT