A Partnership Agreement is a legal document that memorializes the partnership of two or more individuals (not husband and wife) in a for-profit business endeavor. A Partnership Agreement is important because it sets out the arrangements between the parties which may include capital contributions, how a buy-out will be conducted and whether other partners will be included. It is important to note that if you operate as a partnership, but do not have a proper Partnership Agreement in place, the laws of your state will govern how your partnership does business. Some states may require that the entity be registered or that a partnership agreement be created.

In general partnerships are broadly defined so there is a large degree of flexibility in how they are formed. By law, when two people join together to create a business, a partnership is formed. A Partnership Agreement will serve as a guideline as to how the partnership will conduct its affairs and business transactions. This Partnership Agreement is the short form. If you require more detail and extended provisions regarding partnership termination, buy out and other matters, you can opt to use our Partnership Agreement - Long Form.

Among others, this form includes the following provisions:

• Partnership Name and Place of Business: Identifies your partnership and the address of your principal place of business
• Term of the Partnership: Sets out the term of the agreement
• Contributions: Sets forth the capital contributions of the partners
• Operations and Management: These provisions will set out how the partnership will be run and managed

This attorney-prepared packet contains:

1. Instructions and Checklist
2. General Information
3. Partnership Agreement - Short Form

State Law Compliance: This form complies with the laws of all states