Partnership Agreement - Explained
What are the key provisions?
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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).