Identify and explain seven items which potential partners could have included in their partnership agreement???
1) Roles and responsibilities: This item would outline the specific roles and responsibilities of each partner within the partnership. It would determine who will oversee financial management, marketing, operations, and any other relevant areas.
2) Profit distribution: This item would establish how the profits generated by the partnership will be distributed among the partners. It might specify a certain percentage or outline a specific formula for sharing profits based on each partner's contribution to the business.
3) Decision-making process: This item would delineate how decisions will be made within the partnership. It may establish whether decisions will be made by consensus, majority vote, or if certain decisions require unanimous agreement among partners.
4) Capital contributions: This item would outline the financial contributions each partner is expected to make to the partnership. It may specify the initial capital contribution, as well as any additional funding that partners are obligated to contribute.
5) Dispute resolution mechanism: This item would establish a process for resolving conflicts that may arise between partners. It may outline the steps to be taken in case of disagreement, such as mediation or arbitration, and could also specify the governing law and jurisdiction for any legal proceedings.
6) Termination clause: This item would detail the circumstances under which the partnership agreement could be terminated. It may include provisions for voluntary termination by one or more partners, expulsion of a partner, or dissolution of the partnership due to specific events such as bankruptcy or retirement.
7) Intellectual property rights: This item would address how intellectual property created or utilized by the partnership will be owned and managed. It might specify whether any new inventions, trademarks, or copyrights developed by the partnership will be jointly owned by the partners or by the partnership itself. It could also outline the protocol for protecting and enforcing these intellectual property rights.