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Partnership Agreement

Create a general partnership agreement for 2 to 4 partners covering contributions, profit shares, authority, buyouts and dissolution.

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What this document does

An agreement among two to four partners who run a business together as a general partnership, covering the partnership's name, purpose and term, capital contributions and capital accounts, how profits and losses are shared, management rights and spending authority, the partners' duties, personal liability, admitting and withdrawing partners, buying out a departing partner, dissolution and winding up, and books and banking.

What it covers

  • Partners
  • Formation of the Partnership
  • Capital Contributions and Capital Accounts
  • Profits, Losses, and Distributions
  • Management and Authority
  • Duties of the Partners
  • Partner Liability
  • Books, Records, and Banking
  • New Partners, Transfers, and Withdrawal
  • Buyout of a Departing Partner
  • Dissolution and Winding Up
  • Additional Terms
  • General Provisions

A template you fill in yourself from your own answers. LeaseCraft is not a law firm and does not give legal advice; for advice about your situation, talk to a lawyer.

How it works

1

Answer the questions

Plain-language questions about the people, dates and terms.

2

Preview it free

Read the document built from your answers and change anything before you download.

3

Download PDF and Word

Included with LeaseCraft Annual ($19.99/year).

Questions about the Partnership Agreement

The partnership's name, purpose and term, what each partner contributes and the value credited for it, how profits and losses are shared, who can make decisions and spend money, the partners' duties to each other, how partners join or leave, how a departing partner is bought out, and how the partnership is dissolved and wound up.

No. This document is for a general partnership only. Forming a limited partnership (LP) or a limited liability partnership (LLP) requires a filing with a state, and this document is not that filing. If you want limited liability, look into those forms or an LLC before you start.

In a general partnership, partners may be personally liable for the partnership's debts and obligations, including ones another partner takes on for the business, as the applicable law provides. The agreement says this plainly and lets you add a general liability insurance commitment.

Yes. Choose equal shares or set a percentage for each partner. The percentages must add up to 100.

No. The agreement does not restrict anyone after they leave the partnership, apart from keeping partnership information confidential. While they are partners, each partner must offer the partnership any business opportunity in its line of business first, may not use partnership property or confidential information for another business, and must tell the other partners about any outside business that competes with the partnership.

No. LeaseCraft provides self-help document preparation and is not a law firm. For advice about your situation, including taxes, talk to a lawyer or tax professional licensed in your state.

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