Partnership Agreement Template
Download a free partnership agreement template. Define profit sharing, decision-making authority, capital contributions, and dissolution procedures for business partnerships.
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Frequently Asked Questions
What is a partnership agreement?
A partnership agreement is a contract between two or more people who agree to start a business together and share profits, losses, and responsibilities. It is essential even for partnerships between friends or family members.
What should a partnership agreement include?
Key provisions include: capital contributions from each partner, profit and loss sharing ratios, management responsibilities, decision-making authority, dispute resolution, partner withdrawal procedures, and what happens if a partner wants to leave.
What is the difference between a general partnership and an LLP?
In a general partnership, all partners have equal management authority and unlimited personal liability. In a Limited Liability Partnership (LLP), partners have limited liability and cannot participate in day-to-day management.