Partnership Agreement

Quantity

1 Sample.

Description

A partnership agreement is a legal contract between two or more individuals who join as partners to form and carry on a for-profit business. A partnership does not have a separate legal existence like an incorporated firm, and the partners are jointly and severally liable for the debts of the firm.
Key Terms

•    Name of partnership
•    Effective date
•    Primary purpose
•    Contributions by partners
•    Partners’ ownership interest and authority
•    Partners’ shared costs in percentage
•    Partners’ shared profit in percentage
•    Salary
•    Partners’ roles
•    Withdrawal, death, dissolution