The partnership terms occupy a huge place of concern in this regard as both the business parties must agree to the terms before becoming business associates in the eye of law. The agreement should clearly formulate the basic information like name, address and date. Furthermore, it should point out the roles to be played by the individual parties, the tenure of association besides the laws governing extension and termination of association, the initial contributions to be made by the parties as well as the resultant profits and shares that they would be entitled to, the acts under which the agreement is drawn, the rules prescribed by the concerned state related to the execution of the terms, the passive and the compelling ways of resolution of disputes and overall management of business.
All these terms should be unequivocally drafted in the document and then sent for review by an advocate or attorney for necessary amendments. Once it is done, the papers may be signed by the parties with the date to record the day and time on which the deal was sealed. It must be ensured by all means that the agreement is unanimously made.