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Making a Partnership Agreement
A Partnership Agreement is a contract between one or more businesses or individuals who are choosing to run a business together. Usually, each member will bring to the business initial contributions such as capital, intellectual property, real property, or manufacturing space.
Partnership Agreements define the initial contribution and future contributions that are expected of the partners. The document also outlines how business decisions are made, how to decide partnership percentages, how the business will be managed, and more.
If you are ready to go into business with one or more partners, it may be time to make a Partnership Agreement. With a Partnership Agreement, you can outline the terms of your new business relationship. You will be able to list all partners to the agreement as well as their contribution amounts, ownership interest percentages, cost share, profit share, and responsibilities. This contract can help you outline the terms of your business engagement, how the business will be run, and ultimately how the partnership may dissolve.
It's easy to write a Partnership Agreement using Rocket Lawyer. Just answer a few simple questions and Rocket Lawyer will build your customized contract. As a Rocket Lawyer Premium member, you can access, copy, edit, and email your Partnership Agreement directly from your account. Your document can also be electronically signed or downloaded in PDF or Word format.
Before making a Partnership Agreement, you'll need to discuss a few important details with your business partner(s). Here are some examples of information that your Partnership Agreement should include:
Partner and personnel details
A Partnership Agreement can create significant legal obligations for each partner. With that in mind, it is important to review the document to make sure you agree with all of the details, duties, and procedures specified. A lawyer can help to answer any questions.
Legal resources for a Partnership Agreement: Uniform Partnership Act (UPA)
A Business Partnership Agreement helps to outline the terms of a new business partnership. Without a Partnership Agreement in place, partners may find themselves in disagreement about how to run the business. A written Partnership Agreement that outlines basic business practices can help to alleviate future conflicts before they start.
If you have questions about forming a business partnership, ask a lawyer.