Becoming a business partner means being part of a team that should work harmoniously to achieve its goal. Creating a partnership agreement means establishing a written, legal contract to avoid miscommunication and legal problems that may arise in the future. It spells out exactly the rights and responsibilities of each partner. Since business problems are inevitable, a partnership agreement also covers various business possibilities like liabilities, retirement, dissolution and more.
This partnership agreement details all the important aspects of the business including the business information, business goal(s), assets, contributions, profits, and losses.
It also covers the following issues:
- rights and duties of each partner
- actions that cannot be done without the consent of any of the partners
- number of holidays
- death or incapacity of a partner
- dissolution of the partnership
- terms of arbitration in case conflicts cannot be resolved among the partners themselves.
- general provisions and notices
Starting your business with a partnership agreement helps in defining each partner’s roles and opening the way for a better communication.
This template is created by Legal Toolbox.