What is an article of partnership?
Writing an article of partnership (AOP) is essential when you are establishing a business by entering into a partnership contract. Since this is a serious legal matter, it should be conducted with professionalism and all the required lawful procedures should be appropriately followed.
What should the agreement include?
The agreement prepared should portray professionalism and must include all the possible points in it. This is especially true since the aim of this agreement is to serve as a written proof for each partner rights, duties, business share, etc.
What are the steps to be taken while writing the article?
Some people may find it daunting to make an article of partnership. However, there are certain guidelines that need to be followed in order to create an effective and appropriate article of partnership. There are important professional legal terms, which should be used as this art of writing is completely different from the traditional bum marketing.
What should you keep in mind while drafting an AOP?
While writing the draft copy, make sure that all the parties involved in the partnership are present. This will make it easier for all of them to give their inputs.
What names should be included?
The names of the partners involved are obviously supposed to be mentioned in an AOP. Along with this, you will also need to mention the name of the business that you are heading. Furthermore, care must be taken to ensure that the name is not already registered under a different user.
What does commencement of partnership represent?
Commencement of partnership is actually the date of commencement of your business. In other terms, it is also the date of commencement of your partnership.
What should be said about the business in an AOP?
It is necessary to have a brief description about the nature of the business that you undertake. You can mention what goods or services are made available due to the existence of your partnership.
What does the location represent?
Location is another significant point that holds a great importance in an article of partnership. This indicates the physical address of your business, i.e. the place where your office or factory will stand and operate.
What else should be included in an AOP?
You could also mention the capital employed and discuss about the shares held by each party. By following the above mentioned steps, you can ensure that you have a fool proof article of partnership that can hold stead in the future.
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