top of page

PARTNERSHIP AGREEMENT

WHAT IS PARTNERSHIP AGREEMENT?

A Partnership Agreement is an agreement between one or more businesses or individuals, to run a business together. Usually, each member brings initial contributions such as capital, intellectual

property, real property, or manufacturing space to the business. Partnership Agreements define the initial contribution and future contributions that are expected of the partners. It also draws relations between how business decisions will be made, how to decide partnership percentages, how the business will be managed,

how it  may dissolve, and more.
 

Other names for a Partnership Agreement: General Partnership Agreement, Business Partnership Agreement, Partnership Contract.

OUR SERVICES :

Our experienced professionals will draft whichever document you need, tailored to your business requirements. We offer every client  a free consultation call to

thoroughly discuss their requirements and clarify any doubts they may have after which a customized document is drafted, according to every client’s specific needs.

Let us draft a Partnership Agreement for you, personalized and customized according to your specific needs.

DO I NEED A PARTNERSHIP AGREEMENT?

A Business Partnership Agreement helps in outlining the terms of a new business partnership.

Business partners may find themselves in disagreement about running a business without such an agreement.  A written Partnership Agreement that lays down the basic business practices reduces

chances of future conflicts.

EXAMPLES OF PARTNERSHIPS

Accounting Firms
Law Firms
Architecture Firms

WHAT INFORMATION IS INCLUDED IN A PARTNERSHIP AGREEMENT?

1. Contact information:

Contact information for the person organizing the partnership. You'll also need the contact information for the business itself, including the mailing address for the company if it is different from the physical location.


2. Name of the new partnership:

You will need the legal name as well as the trade or business name if you have one.


3. Business details:

You will be asked questions regarding what your business does, when your business will begin its operation, how many employees you plan on having and the estimated revenue.

​

4. Partnership Details:

You will need the contact information of your partners, their percentage of ownership and how much they will contribute. Information regarding non-partner employees who may contribute significant skills in exchange for compensation may also be included.


5. Tax responsibility: 

You can define in the document who will be responsible for tax matters. It will also ask you when your fiscal year ends.


6. Voting rights:

You will need to decide how voting rights will be distributed. Partners will also need to decide how much of a vote is required to make business decisions.

​

7. Ending date:

Partnerships do not have to last indefinitely. Short-term partnership with a specified ending date can be formed, or a partnership that operates until you decide to dissolve it can also be formed.

​

8. Withdrawal of partnership:

You'll need to define how a partner can leave the company and what happens if a partner dies. The document also includes a

non-compete section.


9. Benefits: 

In this section, you can define what benefits may be offered such as health care or life insurance.


10. Professional services:

You will be asked to list professional services the company may be using such as accountants and lawyers.

​

PROCESS

Make It Legal

Each Partnership Agreement comes with

a Make It Legal™ checklist of actions that you'll need to take to finalize your document. This can include anything

from getting it signed by all partners to ensuring that you have enough copies

to distribute.

Sign electronically

Easily sign and send your Partnership Agreement out for an online signature from your business partner(s). You may also print out a hard copy of your
contract in Word or PDF format. No witnesses or notarization are required when signing a Partnership Agreement.

Carefully review your document before signing it

If you are getting your home financed from the bank, your half work is already done. Before approving your loan, banks evaluate the property. For an apartment project, several banks offer on-site offers which clearly indicate that the property is legally verified and have all approvals in place. But, do check the clauses before signing the loan agreement with the bank.

Distribute copies

If you are getting your home financed from the bank, your half work is already done. Before approving your loan, banks evaluate the property. For an apartment project, several banks offer on-site offers which clearly indicates that the property is legally verified and have all approvals in place. But, do check the clauses before signing the loan agreement with the bank.

bottom of page