Partnership

General Information

A partnership agreement is a contract for two or more people or entities used to form a business partnership. The agreement sets forth the terms and conditions and rules regarding governance of the partnership. The agreement also describes the kinds of contributions each partner will make and set forth whether it will be an equal partnership or if one partner will make a larger contribution of money, or labor than the other partner(s).



This agreement provides for partner flexibility upon the withdrawal, death or other incapacity of a partner and allows for the remaining partners to either accept such partner's successor in interest as a partner or buy-out such partner's interest, as may be agreed by the partners. This provision prevents the dissolution of the partnership outright upon such event and gives the partners flexibility in dealing with such unforeseen events.