You likely have already spent a lot of time thinking about how you want your partnership agreement to work, so writing it using our template should be simple. To speed up the process, it will help to have some information already collected to help you complete the form.
Here are some of the key provisions in a Partnership Agreement:
Contact information. Contact information for the person organizing the partnership. You'll also need the contact information for the business itself including the mailing address for the company if it is different than the physical location.
Name of the new partnership You will need the legal name as well as the trade name if you have one.
Business details. You will be asked when your business will begin operation, how many employees you expect to have and the estimated revenue. The form will also ask you what the business does.
Partnership details. You will need the contact information for the partners, their percentage of ownership and how much their contribution will be. You can also include information on non-partner employees who may contribute significant skills in exchange for notable compensation.
Tax responsibility. You can define in the document who will be responsible for tax matters. It will also ask you when your fiscal year ends.
Voting rights You will need to decide how the voting rights will be distributed. Partners will also need to decide how much of a vote is required to make business decisions.
Ending date. Partnerships do not have to last indefinitely. You can form a short-term partnership with a specific ending date or one that operates until you decide to dissolve it.
Withdraw of partnership. You'll need to define how a partner can leave the company and what happens if a partner dies. The document also includes a noncompete section.
Benefits. In this section, you can define what benefits may be offered such as health care or life insurance.
Professional services. You will be asked to list professional services the company may be using such as accountants and lawyers.