partnership agreement

Partnership Agreement

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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
  • Obligations
    The obligations due to each partner
  • Rights
    The rights due to each partner
  • Dispute Resolution
    In the event of a dispute, a mechanism for resolving disputes should be defined
  • Term
    The length of time the Agreement is to last for
  • Exit
    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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