How to create a Partnership Agreement (Individuals)
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What is a Partnership Agreement (Individuals)?
A Partnership Agreement (Individuals) is a contract among partners who carry on a business as a partnership
A Partnership Agreement (Individuals) sets out the basic rules on which the partnership operates, e.g. how accounts are prepared or how funds can be withdrawn.
A Partnership Agreement (Individuals) also sets out the powers and duties of each partner, and most importantly how the profits and losses are shared among them.
What to include in your partnership agreement?
Here are some major topics that need to be covered in a partnership agreement
- Name of the partnership.
- Contributions to the partnership.
- Allocation of profits, losses, and draws.
- Partners’ authority.
- Partnership decision-making.
- Management duties.
- Admitting new partners.
- Withdrawal or death of a partner.
- Resolving disputes.
Key points included
- Details of the business of the partnership;
- Capital share among the partners;
- Limits on transfers, debts, and liabilities;
- Circumstances under which partners may retire be expelled; and
- Obligations and restrictions on outgoing partners.
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