Basic Partnership Agreement Template

A partnership is a business arrangement where two or more individuals share ownership in a company and agree to share in the profits and losses of their company.

Basic partnership agreement template. Each partner shares a portion of the partnerships profits and losses and each partner is personally liable for the debt and obligations of the partnership. Without a partnership agreement in place partners may find themselves in disagreement about running a business. With this general partnership agreement template youll set the expectations and terms of your partnership with your business partner. Small business partnership agreement.

Download this free general partnership agreement template below and customize it to meet your unique business legal needs. This template might be used for example where two or three people set up a small business together. Though it is not mandatory to sign such an agreement it is always recommended. Sample general partnership agreement 5 this day period following the death of a partner the remaining partner may continue the business of the partnership but the estate or personal representative of the deceased partner shall not be liable for any obligations incurred in the partnership business that are greater.

A business partnership agreement helps to outline the terms of a new business partnership. We recommend hiring an attorney or online legal service such as rocket lawyer to prepare important legal documents for your partnershiphowever if youre comfortable drafting your own agreement and want to save on legal fees download our free general partnership agreement template and follow the steps below to draft a simple partnership agreement for your business. Partnership agreement sample a partnership agreement is an internal written document detailing the terms of a partnership. The basic partnership agreement is a simple two page legal document which covers the key issues arising in a straightforward partnership arrangement.

This template is designed to serve as a basic document that establishes a formal partnership between two small businesses. As such it covers only those terms which are most necessary when creating a business partnership. A partnership agreement is a contract between two or more individuals who would like to manage and operate a business together in order to make a profit. This partnership agreement also sets forth the compensation paid to each partner and how profits or losses will be divided.

This partnership agreement is between two partners who plan to conduct business together.