A partnership agreement is a legal document created by two or more companies or people where they enter into an agreement to join as partners for a company, working towards increasing profits. The partnership agreement lays down the various roles and responsibilities of the partners, what powers they have, the nature of their business, their contribution and other business strategies related to the operating the company. Through a business partnership agreement, the two companies or individuals share profits or losses, labour, skills, capital and business management responsibilities.
Another important point to be included in a partnership agreement is the capital contribution each partner will make in the company and what will be there share of profits. Even if one of the partners withdraws from the agreement, they remain liable for any expenses which have already been incurred by the company or also for any future debts unless the partner has submitted and published a proper notice of retirement.
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Sample Partnership Agreement
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