Partnership Agreement

A Partnership Agreement establishes the rights and responsibilities of general partners, and the rules in a for-profit partnership.

A "partnership" is a method to carry on business when two or more persons (individuals or corporations) carry on a business in common with a view to a profit. The members of a partnership are called "partners".

A partnership can be governed by an agreement called a Partnership Agreement. Your partnership agreement should describe the duties and responsibilities of the partners, methods of making decisions, and dissolution of the partnership. In addition your partnership agreement should deal with the following issues:

• Description of the business to be carried on
• Financial contributions required by each partners
• How the partnership will be managed
• How decisions will be made
• Who is required to sign documents
• Procedures for the retirement, bankruptcy, incapacity, or death of a partner
• Non-competition of partners
• Confidentiality of information
• Procedure for admitting new partners
• Insurance issues
• Accounting and records of partnership
• Arbitration and dispute resolution
• General contract provisions
• Any other issues concerning the partners