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...
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Sample Partnership Agreement
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Making a Partnership Agreement
What is 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.
What is a Partnership Agreement for?
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.
How do you write a Partnership Agreement?
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.
What should a Partnership Agreement include?
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:
Contact information for the person organizing the partnership
Contact information for the business itself
Legal name for the partnership as well as the trade or business name if you have one
Description of what the business does
What date your business will begin operation
How many employees you expect to have
End date, if applicable
Partner and personnel details
Percentage of ownership for each partner
How a partner can leave the company
What happens if a partner dies
Non-partner employee details
Who will be responsible for tax matters
When your fiscal year will ends
How voting rights will be distributed
How much of a vote is required to make business decisions
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.
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.