Partnership Agreement (General Partnership)
Legal framework for business partnership establishing profit sharing, management responsibilities, capital contributions, decision-making procedures, and partnership dissolution terms.
Key Clauses
Recitals Whereas
Defines recitals whereas terms and conditions.
Name And Business
Defines partnership name, business purpose, and scope of activities partners will pursue.
Term
Specifies partnership duration, whether indefinite or for specific period, and renewal procedures.
Capital Contributions
Details each partner's financial, property, or service contributions to partnership formation and operations.
Profits
Establishes profit and loss sharing ratios and procedures for distributing partnership earnings.
Management And Decision Making
Defines partner roles, voting rights, and procedures for making business and operational decisions.
Use This Template
When You Need This
- Starting business with one or more partners sharing ownership
- Formalizing existing informal business relationship between collaborators
- Establishing clear profit sharing and management roles among partners
- Creating legal structure for professional practice with multiple practitioners