Partnership Agreement

This is a legal document that dictates how a small for-profit business entity will operate under two or more people. The agreement states the responsibilities of each business partner, how much each partner owns, and how much profit and liability each partner is responsible for. The document also addresses the rules on how the partners will manage the business should potential scenarios arise that could affect the business, such as a death of a partner or how a partner can leave the company. Should a partner withdraw from his/her partnership, he/she is still liable for already existing debts, as well as any future liabilities if they do not give ample time or proper notice of retirement.

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