Written agreement between two or more individuals who join as partners to form and carry on a for-profit business.

Among other things, it states

1) nature of the business
2) capital contributed by each partner and
3) their rights and responsibilities

What should be included in the partnership agreement?

Although each partnership agreement differs based on business objectives, certain terms should be detailed in the document, including percentage of ownership, division of profit and loss, length of the partnership, decision making and resolving disputes, partner authority, and withdrawal or death of a partner.

6 Things Every Partnership Agreement Needs:

1) Percentage of ownership
2) Allocation of profits and losses
3) Who can bind the partnership?
4) Making decisions
5) The death of a partner
6) Resolving disputes