Basic Partnership Agreement Template
The Basic Partnership Agreement is a simple, two page legal document which covers the key issues arising in a straightforward partnership arrangement. This template might be used, for example, where two or three people set up a small business together. It provides for equal capital contributions, and the equal sharing of profits and losses. It anticipates that all the partners will work full time in the business, and that they will manage the business jointly.
For a more sophisticated partnership structure, where more partners are involved, where there is a possibility of the business taking on employees, and where a Managing Partner is to be appointed, the Simply-Docs Long Partnership Agreement may be more appropriate.
The Basic Partnership Agreement contains the following clauses:
1. Nature of business
2. Name of business
3. Admission of new partners
4. Start Date
5. Dissolution of partnership
9. Accounts date
11. Partners’ holiday
12. Management of the partnership
13. Full time and attention clause
14. Expulsion of partners
16. Amendment of the Agreement
17. Dealing with disputes
18. Governing law
This agreement is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.