The parameters of a commercial partnership are defined in a Partnership Agreement. Rocket Lawyer can assist you with drafting a Partnership Agreement and locating a business lawyer in your area.
When forming a business partnership, it is essential to draft a Partnership Agreement document that outlines all of the relationship’s terms and conditions. Your Business Partnership Agreement should include a list of all partners and should address the following issues:
partnership name partnership aims partnership term partnership contribution proportions of each partner (cash, property, services, future contributions)
each partner’s equity stake (assets)
Management duties and authority of each partner accounting requirements of each partner division of earnings and losses among partners salary, work hours, sick days, and vacation periods of each partner permissions and limitations on any outside company activity partners’ buyout options
method for adding new partners or eliminating old partners terms and conditions of partnership termination
