A partnership agreement is a contract between partners in a partnership which sets out the terms and conditions of the relationship between the partners, including: Percentages of ownership and distribution of profits and losses. Description of management powers and duties of each partner.

A well-made partnership agreement will include:

• Percentage of ownership for each partner;
• Allocation of profits and losses;
• Who can bind the partnership;
• Making decisions;
• The death of a partner;
• Resolving disputes.

The three main types of partnerships are:

• General Partnerships. A general partnership involves two or more owners carrying out a business purpose;
• Limited Partnerships;
• Limited Liability Partnerships (LLP).

Sanitas Law can assist you in crafting a partnership agreement that will be an important tool in the success of your venture.