Free Legal Documents
Free Partnership Agreement
A Partnership Agreement does what it says on the tin: it defines the arrangement between two or more people entering into a partnership together. When entering into a partnership, it’s important to have certain terms and conditions written down and agreed upon, so that the business can run smoothly moving forward.
The agreement describes the responsibilities of each partner, defines how the profit and loss will be distributed, prepares for common business scenarios, and includes rules about how the partnership will be managed and conduct business.
This agreement assumes there are 2 parties to the partnership.
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A Partnership Agreement is made between two or more parties entering into business together in the form of a partnership. The agreement will define how the partnership will actually operate.
Frequently ‘partnerships’ emerge organically between individuals fleshing out a business venture they wish to create together. In which case, what is agreed verbally does have legal standing, but should be formalised into a written contract. Having the obligations, expectations and rights in a written document will help prevent disputes that may emerge downstream.
A Partnership Agreement will typically cover the following areas:
- Financial Contributions
The financial contribution each partner will make - Profits and Losses
The manner profits and losses will be managed by the partnership - Obligations
The obligations due to each partner - Rights
The rights due to each partner - Dispute Resolution
In the event of conflict, a mechanism for resolving disputes should be defined - Term
The length of time the Agreement is to last for - Exit
The way a departure by one of the partners will be managed - Other Agreements
Whether other agreements can be entered into by one of the partners that bind the partnership
Our lawyers can draft a partnership or shareholder agreements for you.
Just get in touch with us via the form on this page or by calling us on 1300 337 997.
Complete all the details below. Once generated, your document will be emailed directly to you.