Partnership Agreement - Explained
What are the key provisions?
If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
What is a partnership agreement?
A partnership agreement is a written contract between the partners that controls or governs partnership operations. The partnership agreement generally covers all major aspects of the business, including:
- ownership interests,
- partner contributions,
- rights to profits and losses,
- partner responsibility,
- authority of each partner,
- partnership decision making,
- procedures for partners entering or exiting the partnership, resolution of disputes, etc.
These same provisions apply to Joint Venture Agreements. Because a joint venture is between two or more business entities, there may be special considerations for each of the above-referenced concerns. Notably, joint venture agreements may have a finite life. This is similar to term partnership (as opposed to at-will partnerships).