Our top pick: Rocket Lawyer
- 7-day free trial
- Personal or business legal advice
- On-call attorneys
- Create custom legal documents
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
So you’ve brainstormed a business idea and found the perfect partner to work with. Now what?
The first step is organizing a partnership agreement so you both know exactly where you stand. Here’s exactly what to include in your agreement and how to find a free template to make it an easy-breezy process.
A partnership agreement is a legally binding contract between two or more parties who would like to work together to operate a business in order to generate profit. It sets out the responsibilities, duties and obligations of each partner, and ensures each party’s interests are recognized and protected.
Partnership agreements should be written and signed at the beginning of a business venture. It will spell out the responsibilities of each partner and ensure that all owners share a common vision for the business. These agreements should be put in place as early as possible to avoid any future disputes.
Partnership agreements can turn out to be lengthy documents as they are essentially setting out the foundations for your business. Typically, a partnership agreement should address the following:
A partnership agreement must include clauses that cover all areas of the business, from the day-to-day running of the business to how a partner goes about leaving the business in the future. To write an agreement that all business partners agree to, you must all sit down together and agree on certain terms and conditions to be included in the document. It’s best to refer to a legal template for the ins and outs of the document to give you an idea of what to include in your partnership agreement.
Lawyers are technically not required to write up a partnership agreement, but consulting one can be helpful. Using a lawyer to help you draft your document will make sure it remains within the law as well as creating a comprehensive agreement for the business.
Also, a business lawyer can ensure everyone’s investment in the partnership and business is protected. If you’d rather write the document yourself, make sure you use a legal template that has been drafted with your specific state laws in mind.
Partnership agreements are legally binding between the partners of a business. They are created to deal with any sort of situation that might cause confusion, disagreement or change. A well-planned agreement drafted at the beginning of a partnership is critical to smooth business operations.
Partnership agreements can help to do the following:
A partnership agreement protects the interests of all partners involved and provides guidance to moderate any disputes that the company may face in the future. Though a Joint Venture Agreement may seem similar to a partnership agreement, they are quite different things when it comes down to legalities. Here are a few key differences:
Partnership agreements can be upwards of 15 pages, which is why using a legal template can be extremely useful. It’ll make sure that nothing is left unwritten and all the legal jargon is there ready for you. Consider an online legal service that allows you to view or download a partnership agreement template for free.
Ways to protect your assets and what you need to know about marital debt.
How to navigate this delicate process when little humans are involved.
A cheaper alternative to going to court that helps couples resolve issues together.
A state-recognized marital status similar to divorce — but you can’t remarry.
Find, view and draft your own legal documents or forms with these 6 websites. Get templates for business and personal legal matters.
Learn the ins and outs of writing a cease and desist letter, and how it can help you to take action. Here’s where to find cease and desist templates online.
Learn what a Letter of Demand is, when to use it and what to include to make it as effective as possible. Find out where you can download free templates.
Rocket Lawyer helps you generate legal forms that you may need. But you might find it difficult to speak with an attorney on the phone. Is it worth it?
LegalZoom helps individuals, families and small businesses create legal documents. And if you need help, you can talk to an attorney for an extra fee.
12 steps to launching your own branch of a popular brand.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.