Common Contracts
1 similar General Partnership Agreement contracts
GENERAL PARTNERSHIP AGREEMENT TEMPLATEGeneral Partnership Agreement • April 29th, 2023
A General Partnership Agreement, also known as business partnership or simply partnership agreement, is a contract between two or more individuals or companies, that join together to carry on a trade or business. In most partnerships, each partner contributes money, labor, property, or skills to the partnership. In return, each partner is entitled to a share of the profits or losses of the business. The business profits (or losses) are usually divided among the partners based on the partnership agreement. The document describes the Partner responsibilities, outlines the ownership interest in the Partnership, defines the profit and loss distribution of each Partner, prepares the Partnership for common business scenarios, and includes other important rules about how the Partnership will be managed. The General Partnership Agreement can either be created at the start of a new business or as the binding document of an already existing business to help the partners clarify how the Partnersh
