12 Basics of Partner Agreements

These are non-negotiable for new partners.

By Marc Rosenberg
The Rosenberg Practice Management Library

When any business transaction takes place, both parties to the agreement must agree, preferably in writing, to the terms of the arrangement. Bringing in a new partner is no exception.

MORE: 10 Merger Hiccups for Partners | 14 Partner Agreement Issues in Mergers | Partner Duties, Prohibitions and Grounds for Expulsion | Principals Who Aren’t CPAs | Why Non-Compete and Non-Solicitation Covenants Matter
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The document confirming this arrangement is the partner agreement. Everyone has trepidations about signing a long document filled with legalese. The prospective new partner has probably never seen such a document before and is certainly not familiar with its standard provisions.