How Do I Write a Business Partnership Agreement?
When entering into a business partnership, it's essential to create a Partnership Agreement contract, which defines all the terms and conditions of the relationship. Your Business Partnership Agreement lists all of partners to the agreement, and should cover the following issues:
name of the partnership
goals of the partnership
duration of the partnership
contribution amounts of each partner (cash, property, services, future contributions)
ownership interests of each partner (assets)
management roles and terms of authority of each partner
accounting obligations of each partner
distribution of profits and losses between the partners
salaries, work hours, sick leaves and vacation times of each partner
permissions and restrictions on any outside business activity
partners’ buyout options
process for adding new partners or removing original partners
- terms and conditions of termination of the partnership