What Is A Written Agreement Of Partnership Called

Although each partnership agreement differs depending on the business purpose, certain conditions must be detailed in the document, including the percentage of ownership, the sharing of profits and losses, the duration of the company, decision-making and dispute resolution, the authority of the partner and the exit or death of a partner. A business partnership agreement is a legal document between two or more business partners that defines the business structure, the responsibilities of each partner, the capital contribution, the ownership of the company, the ownership shares, the decision-making agreements, the process of selling or leaving a business partner and how the other partner(s) share profits and losses.