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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 two individuals fleshing out a business venture they wish to create together. In which case, what is agreed verbally does have legal standing, but it 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
The obligations due to each partner
The rights due to each partner
- Dispute Resolution
In the event of a dispute, a mechanism for resolving disputes should be defined
The length of time the Agreement is to last for
The way the exit 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
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