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Continue October 30, 2007 4 min read Opinions expressed by Entrepreneur contributors are their own. For many entrepreneurs, partnership makes more sense than solo. However, with partners comes many questions to consider, including how to break the voting deadlock, whether the votes should be based on financial contribution and what happens when someone wants to. Read on to find out how the partnership agreement works and what you need to make sure your includes. A common partnership is an association of two or more people created under the law on partnership of the state or other jurisdiction to work as co-owners of a business. The association is created by mutual consent of partners, which can be written, orally or implied. Of course, a written agreement is extremely preferable. Voting rights In the absence of an agreement to the contrary, partners have equal rights and authority to participate in business management. Typically, each partner has one, equal voice when the issues need to be resolved. When the contribution of capital to a partnership is uneven, the votes are usually weighed in accordance with the relevant financial interests. However, partners with larger financial interests tend to advocate equal voting rights among partners. When there are multiple partners or affiliate business activities are numerous or complex, a partnership agreement can create partner classes with different electoral and financial rights. Partners can agree on the creation of senior and junior partners, the appointment of a managing partner or the appointment of a management committee with these responsibilities and responsibilities. Decisions can be delegated to such a managing partner or committee every day, but important decisions still require a vote of partners. If otherwise not agreed upon, differences arising on ordinary issues are resolved by a majority vote of the partners. Any action that is contrary to the agreement or outside the normal course of the business requires the unanimous consent of the partners. The Partnership Agreement should anticipate the possibility of a deadlock and set out provisions to break the deadlock. The agreement may provide for independent arbitration of deadlocked decisions or trigger a buyout clause so that one partner can break the deadlock by buying the interest of another partner. When everything else fails, the partner can always exercise the powers granted by the partnership law of most jurisdictions to terminate the partnership at any time. Dissolution of Partnership In most states, the Partnership Act stipulates that unless the agreement states otherwise, the partnership is terminated - or the partner may be disassociated from the partnership - when certain These usually include the death, expulsion or bankruptcy of a partner; The impossibility of partnerships; or a decree dissolving the dissolution Dissolution does not mean that the partnership ceases business, but that the relationship between partners ceases. If a partnership plans to go out of business, the next step is to wind down. The business, property and assets of the partnership are managed in accordance with the agreement of the partners. However, unless it is prohibited by a court decision or an agreement, partners in the law of some States may continue the partnership by following the provisions of the agreement regarding the calculation and payment of the interests of the divisive partners. In other States, a divided partner has the right to demand that the partnership be liquidated. Partners have an interest in the partnership, but not in the property and assets belonging to the partnership. Thus, the partner can sell or transfer only his economic interest in the partnership, i.e. the right to profit, loss and distribution. Typically, a partnership agreement contains restrictions on a partner's right to sell or transfer. These provisions are designed to protect the remaining partners by allowing divisive partners to receive the 11th compensation for their interests. Partnership agreements usually give the remaining partners the right to buy out the divisive partners for the first time. The provisions of partnership agreements governing the above and other aspects of business relations vary greatly and should be premeditated and perpetuated in a written agreement. In the absence of such an agreement, the default rules are set out in the applicable Partnership Act. Installing new gas appliances or repairing old ones requires a power outage. Most homes have more than one type of power valve, and not all of them are suitable for disabling themselves. But once you can determine which valve that is, the right valve to use will be perfectly clear. And the gas valves for the appliance are the easiest type to use. Gas valves are usually located in three areas of the house: street gas valves are located on the outside of your house next to the gas meter. Most street valves have a rectangular handle that controls the flow of gas. If the handle is parallel to the incoming gas line, the gas flows. If the handle is perpendicular to the incoming line, the valve is closed. Many fire and gas companies prefer that only professionals use street valves. Incorrect adjustment of the street valve can lead to leaks and other serious problems. The gas meter and street valve shutdown are usually owned by the gas company, not the homeowner. The valves on the inside, or the branch valves, are located indoors and can be located near the device or at various transitions in gas pipelines. Typically, a gas pipe is a black iron pipe, but some new homes have high pressure home side pipes. This is copper pipe and located in your utility room. The valves for high-pressure systems are located next to the water heater and stove. Please note that all piping in the house (all on the side of the house outdoor gas meter) is the responsibility of the homeowner. All gas appliances have local valves to turn off. They usually have lever-like handles that can be rotated manually to control the flow of gas into a separate appliance. Local valves are usually switched off to flexible corrugated gas supply pipes. Most projects across the country will require a completely gas-free home. Turning off gas for the whole house means disabling the street or home gas system. Small jobs specific to household appliances need only localized gas outages. You can turn off the gas in certain parts of your home with local valves. Street valves have square handles that open and close the valve. Most street valves require a special wrench to activate the handle off. It is best to let the pros turn off the street valve. Most home valves have black or yellow handles at the top or side of the pipe. Turn the handle perpendicular to the tube to close the valve and open the valve in parallel. Local switching valves have handles that limit the flow of gas to a particular device. Turn the handle perpendicular to the tube to close the valve and open the valve in parallel. If you smell gas anywhere in your home, don't try to turn off the gas supply yourself. Stopping to turn off the gas in the event of a gas leak can lead to suffocation and possible explosions. Instead, vacate your home and immediately call the fire and gas company using a neighbor's phone or mobile phone. Don't call your mobile phone in or near your home; There is the potential for a static charge that can ignite the gas, possibly causing an explosion. Professionals ensure that your leak is managed safely and promptly. NEW YORK (TheStreet) - Why now? Why hasn't the deal been done before, given that the strategic rationale has always been there? That was a question one analyst asked Siemens (SIEGY) CEO Joe Keiser when the German conglomerate announced the acquisition of energy equipment maker Dresser Rand (DRC) for $7.6 billion in cash. The acquisition is expected to give Siemens a bigger footprint in the North American oil and gas market and a brand that could have resonance around the world as countries in Asia, Africa, Europe and Latin America look to shale drilling onshore and new offshore drilling methods to bolster their energy reserves. (GE) - Get Report, Siemens' closest competitor worldwide, has spent the best part of a decade cutting deals for energy equipment and generally at much lower prices. While Siemens pays Dresser Rand corporate value about 20 times the company's 2014 earnings before interest, taxes, depreciation and amortization and (EBITDA), GE has made similar acquisitions in multiples of EV/EBITDA in high single digits or with low teens. According to an analysis by JPMorgan analysts on Monday, GE paid EV/EBITDA of 14 for Wood Group's support division, a multiple of 13 for and a multiple of 11 for Lufkin Industries and Cameron International's mutual compression business. In fact, GE bought , a spin-off from Dresser-Rand, for a few EV/EBITDA of 9.5 2010.At lower price, GE may have made a move for Dresser Rand. GE Oil and Gas CEO Lorenzo Simonelli recently said that the division continues to look at MSA and expects growth above the industry average as recent acquisitions are integrated. Bolt-on deals could be the focus for GE Oil and Gas, especially if other parts of GE's empire find deals like Alstom's single-digit EV/EBITDA multiples. However, the results of the GE deal in the oil patch speak for themselves. GE's oil and gas business is approaching $20 billion in annual revenue, and it's the company's fastest-growing business line for sales and profits as it weans itself off financial services. In a squeeze, GE teams more than 30% of the world market and may even have introduced an antitrust hurdle in the Dresser Rand bid. The merits of the Siemens deal are also obvious. Just a few years ago, Citigroup described North America as a new Middle East as a result of the boom in onshore energy production and infrastructure investments that would be required to transport oil and gas to terminals and hubs. Industrial giants such as GE and Siemens, faced with a lackluster economic backdrop, are seeking to increase their revenues and profits by moving into the fast-growing energy sector. I think this is simply a reflection of Siemens' belief that the American oil services market remains very attractive - enough for them to invest at this point in the cycle and pay multiple enough that they feel will not allow interlopers from outbidding them. Is that an excuse for GE? Only to the extent that a major competitor pays for an asset in a space where GE has been active for the past decade, Stephen Winoker, an analyst at Bernstein Research, said in an email to TheStreet.Winoker believes GE's oil and gas deals began paying for shareholders within two to three years of their closure given the trend of earnings growth in the sector. PriceSiemens' Kaeser acknowledged that Siemens is paying a high price for Dresser Rand, but stressed that the $3 billion-a-year business is critical to Siemens' growth strategy for the rest of the decade. Kaeser would also prefer to make a deal at the end of 2015, however, competing bids from Swiss firm Sulzer forced Siemens to hand in. Since May, when we laid out our vision 2020 concept, we have known in some time it will be something we would prefer to have to promote our value value and execute on strategy, said Keser in response to an analyst who questioned his MSA timeline. He believes that Dresser Rand will turn Siemens into an important player in the U.S. energy market - so much so that Siemens will move the headquarters of its energy division from Germany to .More importantly, Keser believes that the strong Brand of Dresser Rand and its impact on repetitive enterprise services will give Siemens a tent-pole in the oil and gas equipment space that could pay off as drillers begin to exploit shale resources outside north America. We believe the jewel is the Premium Dresser-Rand brand if it goes on the market, Keiser said. Siemens said it could take years for the acquisition of Dresser Rand to pay off for shareholders, and integration could stretch for a long time, given the importance of Dresser Rand's legacy to the company's combined oil and gas aspirations. We are moving away from the conference call to acquire Dresser Rand with the abiding view that the strategic rationale for the deal is strong, but that the price is too high with the cost of capital unlikely to be achieved in this decade, JPMorgan analysts concluded on Monday. They do, however, continue to give an overweight rating to Siemens shares. -- Author Antoine Gara in New York Follow @AntoineGara @AntoineGara

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