A partnership agreement is a contract between two partners in a partnership, which sets out the terms and conditions of the relationship between the partners, including percentages of ownership and distribution of profits and losses. There are two types of partnership agreement i.e. general partnership and limited partnership. In general partnership, each partner take hold in management and personally responsible for legally business arrears. On the other hand limited partnership describe about some partners just manage the company and other partners grant or contribute financially. It is the agreement for those who would like to handle and operate a business together in order to make a profit. It is a relatively common business structure in many countries, and can be diverge to other common business arrangements such as an exclusive trader, a company or a trust between them. A partnership agreement is an internal written document detailing about the matters mention in contract also describe about the ratio of profit.
It is a document which helps to run the business smoothly and without any hesitation. Business partnerships depend on some major fact like nature of business, capital contributed by each partner and their rights and responsibilities. Each partnership agreement is different, based on some business objectives, specific terms and conditions mention in an agreement. A partnership is an unattached business ownership and when both partners decided no longer run business together they must wind or terminate the partnership. We offer you a delicate Partnership Agreement Template or format which can help you to save your precious time in accordance to make an agreement. It is necessary to prepare a partnership agreement which is correctly drafted and carefully detailing to the terms of the business relationship. Our format can be use countless time depend upon your need. You can make some necessary changes according to yourself.