Partnership Agreement

Partnership Agreement

A legal document that defines the rights, responsibilities, and profit-sharing terms between business partners.

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Description

A Partnership Agreement is a contract that establishes the terms of a business partnership. It specifies each partner’s role, responsibilities, profit-sharing structure, dispute resolution mechanisms, and dissolution procedures. This agreement is essential in avoiding conflicts and ensuring smooth business operations. Partnerships can be general (equal responsibilities and liabilities) or limited (some partners have limited liability). A well-drafted partnership agreement outlines capital contributions, decision-making processes, and the method for resolving disputes. It provides legal clarity and protects the interests of all parties involved.