Free Partnership Agreement

You can use the Partnership Agreement to define how the costs incurred by the Partnership and profits made by the Partnership will be distributed. The usual options are included in the interview. If you choose to distribute costs and profits by the percentage of ownership, the ownership percentage will be listed as each Partner's responsibility for costs and profits. Otherwise, you can choose to define a separate percentage of responsibility by selecting the last option in the interview. After selecting this option, you will be asked what percentage will be assigned to each Partner for cost and profit shares.

Accrual Basis - Accounting records on an accrual basis means that records are updated with income and payments when the profits are made and costs are incurred. They are accounted before payment is actually made or delivered.

Cash Basis - Accounting records on a cash basis means that records are updated as the money is actually deposited or paid, rather than when they are earned or owed as in accrual basis.

Some Partnerships assign their Partners management roles. Not all Partners need to have a management role. If certain Partners will take on a specific management role, you should use this section of the Agreement to define what those roles will be.

Ownership is usually determined by the amount of capital contributions given to the Partnership upon startup. However, some Partnerships also use cost and profit shares to determine ownership. In any case, you should use this section of the Agreement to define each Partner's percentage of ownership of the total Partnership. All percentages added should equal 100%.

This Partnership Agreement may be used to outline the terms of a new business partnership. You will be able to list all Partners to the agreement as well as their contribution amounts, ownership interest percentages, cost share, and profit share.

The terms of authority, accounting obligations and buy-out options will be outlined by this Partnership Agreement. In addition, you will be given the option to define management roles as well as work hours necessary and vacation time allowed. The Partnership Agreement will be completed with our simple interview, but it may also be edited at the end of the process online or in Word format.

Additionally, you will have the option to request all Partners to sign the Agreement with our easy to use e-signing feature through an e-mail request.

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After completing the interview, read the entire Agreement to make sure it meets your intentions. If you need to further specify changes outside the interview process, you can do so in the Document Manager either online or in Word Format.

Once the Agreement is in its final form, you can print, date and sign the agreement, or use our easy e-signing feature and e-mail the agreement to each Partner. Once everyone has signed or e-signed, the Agreement is final and each Partner should receive their own copy.