Partnership Agreement Template

Without a written agreement, state default partnership law applies — typically equal profit shares regardless of contribution, and personal liability for every partner on business debts. Most partners would choose different terms if asked.

• Capital contributions — cash, property, or services from each partner
• Profit and loss allocation, and when distributions are paid
• Management authority and which decisions require a unanimous vote
• Salaries or draws for partners who work in the business
• Admission of new partners
• Buy-sell terms for death, disability, divorce, or departure
• Dispute resolution — mediation or arbitration before court

A general partnership offers no liability shield. Many co-owners form an LLC instead and use an operating agreement to cover the same topics while protecting personal assets.

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Easy Legal AI is not a law firm and does not provide legal advice or attorney representation. This page and the documents it creates are self-help tools. Laws differ by state and change over time — for a high-value dispute or an unusual situation, have a licensed attorney in your state review the document before you rely on it.