Partnership Agreement

A partnership agreement is a legal contract that establishes the terms and conditions of a business partnership between two or more individuals or entities. It typically includes a description of the partnership’s purpose, the roles and responsibilities of each partner, the allocation of profits and losses, and the management and decision-making structure. The agreement may also include provisions for capital contributions, ownership interests, and buy-sell arrangements. Partnership agreements are an important tool for businesses to formalize their relationships, align their interests, and minimize conflicts and misunderstandings. They should be carefully drafted and reviewed to ensure that they are fair, comprehensive, and legally enforceable, and that they reflect the partners’ goals and expectations. Partnership agreements can be used for various types of partnerships, including general partnerships, limited partnerships, and limited liability partnerships.