How To Use
The Partnership Agreement is used to form a general partnership.
This review list is provided to inform you about the document in question and assist you in its preparation.
- This form cannot be used for any type of entity except a general partnership. Partnerships are the organizational form most subject to problems because people assume they are more informal than they are. On many occasions, partners expect their partners to concede on points they know they would not do in a standard corporate setting. So beware of this organizational form for that reason. Having said this, it is far wiser to use this agreement for even the smallest of partnership ventures to ensure equitable treatment to all parties and to yourself in particular.
- Unlike other types of organizational entities (e.g., corporations), it takes at least two parties to form a partnership. If only one person desires to form a partnership, the maker will need to use some other business entity, for example, a corporation.
- State or local law may require that the partners make a “fictitious name” filing. Check requirements in your locale to see if such a filing is required.
- Laws vary from state to state and change over time, especially on the subject of partnerships. Before using this document, have a lawyer review it.
- Multiple copies of this document should be prepared and signed so that each partner can have an original signed copy. Keep an extra copy in your office or home.