Partnership Agreement

A partnership agreement is a legal document that outlines the terms and conditions of a business partnership between two or more parties. It serves as a foundational framework that details the rights, responsibilities, and obligations of each partner involved in the business. This agreement typically covers key aspects such as profit and loss distribution, management roles, decision-making processes, and procedures for resolving disputes.

Additionally, a partnership agreement may specify the duration of the partnership, the process for admitting new partners, and the terms for dissolving the partnership if necessary. By clearly defining each partner’s roles and expectations, the partnership agreement helps prevent misunderstandings and conflicts, ensuring a smooth and collaborative working relationship. It acts as a safeguard for the interests of all partners and provides a clear roadmap for the partnership’s operation and future growth.