The major benefit of having a written agreement is that it allows your business’ fate (present and future fate) to be in your and your partner’s hands.
As it relates to your business partnership, a well-drafted partnership agreement not only outlines your rights and obligations, it also outlines how to settle conflicts that may arise from time-to-time. Additionally, partnership agreements address anticipated “ change ” such as succession, growth, retirement, and dissolution.
Essentially, this Act enforces a “one-shoe-fits-all” set of default rules that apply when a written partnership agreement does not exist or an existing agreement does not speak to a certain matter of contention.
However, there are at least 8 key provisions that every partnership agreement should include: 1. Your Partnership’s Name. One of the first tasks you and your partners will check off your to-do list is making a decision on your business’ name. The business name may reflect the names of the partners or it may have a fictitious name.
Partnership Contributions. In most cases, partners’ contributions (time, resources, and capital) to the business vary from partnership to partnership. While some partners provide start-up capital, others may provide operational or managerial expertise. In either case, the specific contributions should be stated in the written agreement.
There are many ways to resolve disputes, so your partnership agreement can list alternative methods for dispute resolution. The point is to formally identify these methods of resolution in advance be listed them in the partnership agreement when all heads are cool and clear.
Instead of an amendment, Tom Miller of the American Enterprise Institute said the Constitution needs “a better glossary to define and restrain the many open-ended words and phrases in the Constitution’s actual text that provide wide latitude for judicial reinterpretation and expansion far beyond their original meaning.”
NO PRESIDENTIAL TERM LIMITS. The essence of the American Constitution was the creation of a document of non governance. It says what government cannot do – not what it can do. The government cannot regulate speech, association, religion, press, and gun ownership..
Michael Cannon at the Cato Institute noted that the Fourth Amendment protects against warrantless searches, “yet the National Security Agency tracks everybody with Congress' tacit if not explicit consent.”
Think of all the remarkable Americans who have held high public office but have been constitutionally barred from seeking the presidency, such as Madeleine Albright (born in Czechoslovakia), Elaine Chao (Taiwan), Jennifer Granholm (Canada), and Arnold Schwarzenegger (Austria).
Brianna Ehley, David Francis, Maureen Mackey and Eric Pianin of The Fiscal Times contributed reporting.
It should contain a provision that Congress must reduce spending proportionately across areas of the federal budget and that tax increases must maintain the present progressivity of the tax code, phased in within ten years of the amendment’s passage.