What is a partnership agreement?

Understanding a Partnership Agreement

A partnership agreement is a crucial document that outlines how two or more individuals will collaborate in a business relationship. It defines each partner's daily and long-term responsibilities within the enterprise.

In addition to delineating roles, the agreement specifies the ownership stakes of each partner and details their respective shares of profit and loss.

The primary aim of a partnership agreement is to establish the terms of the business relationship among cooperating parties as clearly as possible. Once signed, this document serves as a reference for determining responsibilities and accountability in case any disputes or questions arise during the partnership. Furthermore, it can also be presented as evidence of the partnership in legal proceedings. Our office can effectively address any legal questions about partnership agreements. If you have any questions, please fill out the following form below and a Business Lawyer from our office will get back to you.