This easy-to-use kit enables you and your business associate (s) to draw up a written agreement legally -- without the requirement or high expense of an attorney! Included in this kit are fill-in-the-blank forms, and all of the instructions you will need to create a valid partnership agreement. Also includes an optional software version of the forms! Complete Kit $17.95
What is a Partnership Agreement?
A partnership is an association of two or more persons for the purpose of conducting business. Although the partnership can declare bankruptcy and limit some liability, it is not normally regarded as a legal entity like a corporation.
There are two types of partnerships -- the general partnership and the limited partnership.
In a general partnership, all partners share in both the profits and responsibilities of the business. Unless otherwise spelled out in the partnership agreement, each partner has one vote, no matter how much he has contributed to the business. A general partnership is the most popular partnership.
A limited partnership is an arrangement where a person or company invests in an unincorporated business and still gains limited liability protection. However, they do not possess any management powers. (The legal documents in this kit have been designed for a general partnership only.)
A partnership begins with an agreement, which can be spoken, written or simply a matter of understanding. Good friends who decide to form a partnership may not feel it necessary to reduce their arrangements to writing. However, experience proves that it makes sense to draw up an agreement. Any point that is covered in the partnership agreement is subject to state law.
If you decide that a Partnership Agreement is what your business requires, this kit will make the process simple, quick and easy.
Paralegal Service. To use our Independent Paralegal Service to have a paralegal complete all the documents necessary for a Limited Liability Company, please see Limited Liability Company - Paralegal Service.