Partnership agreement template
Put the terms of a business partnership in writing before you start.
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About Partnership agreement
A partnership agreement sets out the terms between two or more people who run a business together. It records what each partner contributes, how profits and losses are shared, who makes decisions, and what happens when a partner joins, leaves, or the partnership ends.
This page is a general template and a convenience for drafting, not legal advice, and for important matters consult a qualified professional in your jurisdiction. Partnership rules vary by state, so confirm what applies to your business before you rely on this document.
Who needs to complete it
- Two or more people starting a business together.
- Partners who want profit shares and duties written down.
- An existing informal partnership that wants clear terms in writing.
- Partners planning ahead for how someone can join or leave.
How to fill out Partnership agreement
- 1Enter the partnership name and the names and addresses of all partners.
- 2State the purpose of the business and the date the partnership starts.
- 3Record what each partner contributes, such as cash, property, or work.
- 4Set out how profits and losses are shared among the partners.
- 5Describe how decisions are made, including voting and each partner's authority.
- 6Explain how a partner can be added or can withdraw, and how their share is valued.
- 7Set out how disputes are handled and how the partnership can be dissolved.
- 8Have every partner review the agreement, then sign and date it, and give each partner a copy.
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Frequently asked questions
Do partners need a written agreement?
A written agreement helps partners agree on money, duties, and decisions before disputes come up. This page is a general template and a convenience, not legal advice, and for important matters consult a qualified professional in your jurisdiction.
How are profits usually shared?
That is up to the partners. Some split profits equally, others share in line with contributions or an agreed formula. Write down whatever you agree so it is clear.
What happens if a partner wants to leave?
The agreement should say how a partner can withdraw, how their share is valued, and whether the business continues. Setting this out early avoids conflict later.
Is this the same as an LLC operating agreement?
No. A partnership agreement governs a partnership, while an operating agreement governs a limited liability company. The structures and liability differ, so pick the one that matches your business.