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.

 

Answer


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.

 


Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

Popular Documentation Lawyers

Advocate Sunil Kumar Bakshi
Sector-16, Faridabad
32 years Experience
Advocate Saifuddin Saifee
Maharani Road, Indore
18 years Experience
Advocate Jai Shiv Darshan Giri
Santoshi Nagar, Ring Road Chowk, Raipur
14 years Experience
Advocate Prerna Oberoi
Sector 41, Noida
7 years Experience

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 contact a Lawyer of your choice to address your query in detail.


Related Articles


"LawRato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

Legal Services

Sale Deed Drafting & Registration

4.4 | 78 ratings
30 Min Intro call + Start to finish help - Sale Deed Drafting & Registration with the help of a local experienced advocate.
Suit for Declaration

4.9 | 65 ratings
30 Min Intro call + Start to finish help - File a declaratory suit through a local experienced advocate
Name Change CBSE Marksheet/Birth certificate

4.2 | 176 ratings
30 Min Intro call + Start to finish help - Apply for Name Change with the help of a local experienced advocate
Caste Certificate

4.9 | 205 ratings
30 Min Intro call + Start to finish help - Apply for Caste Certificate through a local experienced advocate
Draft a Memorandum of Understanding (MOU)

4.6 | 47 ratings
30 Min Intro call + Start to finish help - MOU drafted by a local experienced advocate
Drafting & Registration of Will

4.6 | 105 ratings
30 Min Intro call + Start to finish help - Will Drafting & Registration with the help of a local experienced advocate.
Draft a Power of Attorney

4.8 | 201 ratings
30 Min Intro call + Start to finish help - POA drafted by a local experienced advocate
Gift Deed Drafting & Registration

4.4 | 87 ratings
30 Min Intro call + Start to finish help - Gift Deed Drafting & Registration with the help of a local experienced advocate.
15 Minutes Documentation Advice Session by Phone

4.8 | 302 ratings
Legal advice and answers from a local experienced advocate about your Documentation related issue
Similar questions

My father had signed on a blank paper for permission of opening of an account in a share trading company to cousin brother. Now we have apprehension t…

Read More

Hello, My uncle gave a POA to DEVELOPER to build and sell property on his land with the condition to pay him back. But my uncle died and we suspect th…

Read More

Dear Team, Please guide whether a private company running a pre-school brand is required to register itself under Sec 34 (3) of Juvenile Justice (Care…

Read More

Me n my brother(both are bachelors n major) had separate agricultural land on our names n now it had been acquired by a company. They are asking for a…

Read More

Talk to a lawyer for your legal issue