Partnership Agreement Template

Please note that the information provided herein is not legal advice and is provided for informational and educational purposes only. If you need legal advice with respect to drafting, reviewing, interpreting or resolving disputes concerning partnership agreements, you should seek professional assistance.

With respect to a partnership agreement, you should make sure that it addresses some (if not all) of the following issues:
1. Date.
2. Description of partners.
3. Partnership name.
4. Terms of partnership - insert date of commencement, otherwise date of signing governs.
5. Place of business.
6. Description of business.
7. Percentage or amount of contribution to capital.
8. Division of net profits - in absence of agreement, partners share equally, therefore, include

provision for periodic review and criteria or basis for revising interests.
9. Accounting and other records.
10. Auditor.
11. Fiscal year.
12. Accounting principles.
13. Banking arrangements.
14. Restrictions on partners and partners' liability for personal obligations.
15. Provision as to whether partners are to devote full time and attention to the business.
16. Management.
17. Partnership contracts - who signs the contracts?
18. Partners' drawings.
19. Retirement, bankruptcy or death of a partner.
20. Non-competition clause.
21. Sale of partnership interest by partner to third party.
22. Expulsion of partner.
23. Grounds for dissolution.
24. Admission of a new partner.
25. Purchase options: (a) Obligation to purchase by the continuing partners on retirement, expulsion or

death of a partner or(b) Option to purchase by successors from continuing founder.
26. Valuation of a partnership interest.
27. Partnership property - is property registered in firm name or name of one or more partners.
28. Limitation of liability of general partners to limited partners (if limited partnership).
29. Insurance provisions.
30. Arbitration of disputes.
31. Requirement that partners enter into marriage contracts with spouses.
32. Registration - provision must be made for requisite registration under the applicable partnerships

registration Act.
33. Statement of governing law.
34. Enurement and binding effect.
35. No assignment.
36. Notices.
37. Counterparts.
38. Signed and sealed.