Partnership agreements
Set out how partners share work, money and decisions in a business they run together.
Set out how partners share work, profit and decisions.
- Business / Legal document
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Key features
Capital accounts and drawings
Blanks for what each partner contributes and how much a partner may draw, with drawings set against that partner's share of profit.
Profit and loss shares
A section for each partner's percentage and a line for how often the shares are worked out, whether monthly, quarterly or yearly.
A list of decisions needing everyone
Borrowing, giving guarantees, selling partnership property and admitting a partner are already listed as needing all partners, with a line to add your own.
Leaving, dying and paying out
A section covering a partner who leaves or dies, with blanks for how the payment is worked out and when it is paid.
Books and bank account
Where the books are kept, who may operate the partnership's account, and the period each set of accounts covers.
About this document
A partnership agreement records the terms on which two people run a business as partners: what each puts in, how profit and loss are shared, who may do what and what happens if a partner leaves, dies or sells their share.
This is a blank form written as a complete agreement. You fill in the partnership's name, the place it trades from, the percentages and the amounts by hand, then both partners sign. It is written for two partners.
Is this document right for you?
Useful when
- Two people are starting a business together without forming a company
- An existing partnership has only ever been a handshake arrangement
- One partner wants limits on what the other can commit the business to
Commonly used by
- Professional practices and trades run by two people
- Small shops and restaurants run by partners
- Family members running a business together
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Alternatives
These are separate documents, for different jobs.
- Joint-venture agreementsSet out how two businesses work together on a venture.View document
- Founder agreementsAgree roles, equity and decisions between co-founders.View document
- Shareholder agreementsGovern how shareholders own, vote and sell their shares.View document
- Assignment of Partnership InterestTransfer a partner's interest in a partnership to another party.View document
When to use this
- When two people open a business and want profit shares written down
- When a partner is about to take on borrowing and the others want a say
- When one partner is planning to retire and the others want the buy-out terms settled
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More in Partnership & Joint Venture
- Joint-venture agreementsSet out how two businesses work together on a venture.View document
- Assignment of Partnership InterestTransfer a partner's interest in a partnership to another party.View document
- LLC formationPrepare the paperwork to register a limited liability company.View document
- Founder agreementsAgree roles, equity and decisions between co-founders.View document
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Questions
About the partnership agreements
No. It is the agreement between the partners. Whether a partnership has to be registered, and under what name, differs by state, so check with the state or a lawyer.
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