Everything You Should Know About a Partnership Agreement

A Partnership Agreement is one of many legal documents you may need to create to protect your interests. If you don’t have any legal knowledge, you probably know nothing about how to write a contract. That’s why you might reach out to an expensive lawyer.

With DoNotPay, there is no need for any of that! We can tell you everything you should know about the Partnership Agreement and create other legal documents in your stead.

What Is a Partnership Agreement?

A Partnership Agreement is an agreement made among individuals who plan on running a business together. This contract sets clear obligations of each party so that everyone’s interests are protected.

Take a look at the table below to check what every Partnership Agreement should include:

Sections	Details
Business details	The legal name under which the partnership will work Purpose of partnership Business description Salaries Number of employees Duties of each party Distribution of profits and losses
Voting rights	Number of votes required to make a decision
Ownership interest	Percentage of the Partnership owned by the parties
Partner addition and withdrawal	Scenarios for adding new partners to the business Solutions for parties leaving the Partnership
Taxes	Party responsible for handling taxes and the IRS Details about your fiscal year
Partnership dissolution	Conditions that allow the Partnership to be dissolved Explanation of how the assets of the Partnership will be divided between the parties Scenarios in which one of the parties dies

Why Is a Business Partnership Agreement Important?

Running a business together with someone comes with numerous potential risks. This is why it is important to set the rules and obligations in the written form.

It doesn’t matter whether you are starting a business with a friend or a family member—if the contract is not written, it does not exist. A Partnership Agreement could save you from a lot of trouble in the future, including expensive lawsuits.

Is a Partnership Agreement Affected by Federal Law?

Federal law does not cover the requirements of a Partnership Agreement. Each state is in charge of the business made in that area, so Partnership Agreements are regulated on a state-by-state basis.

What Happens if You Break a Partnership Agreement?

You and your business partner might get along perfectly at the moment, but numerous factors can affect your relationship as well as the business itself. What if someone decides to leave before the contract expires?

If the contract you have is a solid one and a party decides to break it before the expiration date, they will have to suffer some consequences. They also need to be aware of these repercussions before entering into the agreement.

Partners may take each other to court and deal with lawsuits if someone breaks a contract.

DoNotPay Can Help You Make a Legal Contract in No Time

Drawing legal contracts is not easy nor safe for people without proper legal knowledge. This does not mean that you have to turn to lawyers for help. There is a way to get a proper legal contract without one—using DoNotPay! If you opt for our robot lawyer app, you won’t have to deal with faulty contract templates!

Our AI-powered app can be of assistance with various legal documents. If you want to create an agreement in a snap, follow these three steps:

Access DoNotPay from a web browser
Type in the name of the document you want to create
Provide us with information about yourself

DoNotPay will generate the document with all the required info. In case you want to make it official, you’ll need to get it signed and notarized.

DoNotPay also has the info you need about various other legal contracts that might interest you, such as:

Create a Legal Document of Your Choice With DoNotPay

DoNotPay can help you avoid expensive lawyers when creating various legal documents. Perhaps you are planning on getting married and wish to ensure financial safety in case everything goes south? We can generate a Prenuptial Agreement with all the relevant info.

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DoNotPay knows what other contracts of high importance should include. We can generate:

Promissory Note
General Affidavit
Non-Disclosure Agreement
Intent To Purchase Real Estate
Independent Contractor Agreement
Bill of Sale
Quitclaim Deed
Estoppel Certificate
General Business Contract
LLC Operating Rules Document
Residential Lease Agreement
Non-Compete Agreement

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