Partnership Agreement - Short Form

A Partnership Agreement is a legal document that memorializes the partnership of two or more individuals (not husband and wife) in a for-profit business endeavor. A Partnership Agreement is important because it sets out the arrangements between the parties which may include capital contributions, how a buy-out will be conducted and whether other partners will be included. It is important to note that if you operate as a partnership, but do not have a proper Partnership Agreement in place, the laws of your state will govern how your partnership does business. Some states may require that the entity be registered or that a partnership agreement be created. (continued ...)