Home Blog 8 Things to Include in a Business Partnership Agreement

Jump to Section

Quick Facts — Business Partnership Agreement Lawyers

A business partnership agreement is a legally binding document that outlines the roles and responsibilities of two individuals or entities acting as business partners. A business partnership agreement can also be known as a partnership contract or articles of partnership.

Below are 8 things to include in a business partnership agreement to ensure that everyone is adequately protected and your business is set up right from the start.

1. Name and Location of the Partnership

Your partnership agreement, which is sometimes also known as your articles of partnership, should include the name of your partnership and the location it operates from. This ensures no confusion over which business is referred to in the document.

See Business Partnership Agreement Pricing by State

2. Member Contributions

Usually, when creating limited partnerships, each partner or member of the company will make a financial contribution or investment in the business. These investments should be listed in the operating agreement so that if there is any question about who contributed what, it’s all there in black and white.

3. Allocation of Profits and Losses Between Business Partners

A business partnership agreement will also include a section that explains how profits and losses are allocated to the various entities acting as business partners, so there’s never any confusion about who gets what.

Most partners will expect to see regular financials from their accounting team. If things are going well, profits will increase, and everyone will make more money. If they’re down, it’s time to tighten belts and focus on increasing sales.

Meet some lawyers on our platform

Randy M.

78 projects on CC
CC verified
View Profile

Lori B.

391 projects on CC
CC verified
View Profile

Ryenne S.

998 projects on CC
CC verified
View Profile

Dolan W.

1875 projects on CC
CC verified
View Profile

4. Decision-Making Power and Authority Structure

Business is about making money. To do that, you need effective business management. Therefore, your partnership agreement should outline the roles and responsibilities of the partners, as well as their decision-making rights and responsibilities.

Usually, all of the business partners included in the agreement will have some involvement in running the business, but not always. Therefore, the partnership agreement should also be spelled out if particular partners are not involved in business operations.

5. Withdraw, Termination, or Death of Partner

Sole proprietorships have a simple business structure because only one person runs the company. However, adding more people to the business gets more complicated.

This is why your articles of the partnership will also include information about what will happen if a partner or partner dies, is disabled, or wants to exit the partnership. It’s always better to have this detailed long before it becomes possible.

See Business Partnership Agreement Pricing by State

6. New Partner Addition

People leave partnerships from time to time, but new partners also join them after they are created. For example, at some point, another partner might want to join your company and take an ownership stake.

Your partnership contract and LLC operating agreement should outline how and when you can add new partners, their roles and responsibilities, and what kind of a share they may take in the company.

7. Civil Dispute Processes

It happens as much as we don’t want to think we’ll ever argue with our business partners.

This is why partnership contracts include a section detailing the company's civil dispute process.

Usually, this will include processes such as:

  • Mediation
  • Arbitration
  • Court action

This section will detail when each one will be used and may also include an internal process like voting that may be used to settle less serious disputes.

8. Signatures of Business Partners

Any legally binding contract must be signed and dated, and your partnership agreement is no different. It should include the signatures of all business partners, as well as where the agreement was signed and who witnessed the agreement.

Suppose there are any last-minute amendments to the partnership agreement document. In that case, all parties should initial the change to become part of the contract.

Get Help Drafting a Business Partnership Agreement

Many people don’t like the idea of a partnership agreement. We like to think that we trust the people we’re going into business with and can rely on them. Unfortunately, that’s not always the case; even the closest business partners occasionally have legal disputes.

A partnership agreement and articles of incorporation are designed to protect everyone involved and ensure that all of the terms and conditions of the business partnership are clear and easy to follow. It’s a document you hope you will never need to refer to, but you’ll be glad you have it when you do.

Post a project in ContractsCounsel’s marketplace to receive flat fee bids from lawyers for your project. All lawyers have been vetted by our team and peer-reviewed by our customers for you to explore before hiring.


ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.


Meet some of our Lawyers

Joshua B. on ContractsCounsel
View Joshua
5.0 (11)
Member Since:
September 19, 2023

Joshua B.

Founder
Free Consultation
Austin, Texas
24 Yrs Experience
Licensed in NY, TX
University of Texas

Josh Bernstein has been serving real estate and corporate transactional clients since 2002. His experience is varied, and he enjoys working on and puzzling out novel and complex corporate and real estate matters. Josh’s experience includes, among other things, the following: representation of public companies in connection with SEC reporting and compliance work (proxies, 10-K’s; 10-Q’s; 8-K’s, etc.); representation of public and private company securities issuances (including private placements, and other similar offerings); assistance in structuring and drafting joint ventures, both for investors and operating partners, and including both real estate and corporate ventures; handling public and private company mergers and acquisitions; and asset sales and dispositions; assisting clients, big and small, with real estate acquisitions, sales and financings; managing large-scale and multi-state real estate portfolio acquisitions, dispositions and financings; complex condominium creation, structuring and governance work, including: commercial condominiums, use of condominiums as a land planning tool, wholesale condominium property acquisitions and dispositions, and rehabilitating failed or faulty condominium legal structures to make ready for sale; development of restrictive covenants and owners’ association documents for master-planned communities; compliance with federal statutes governing real estate sale and development (including, without limitation, the Interstate Land Sales Full Disclosure Act, the Housing for Older Persons Act, and the Americans with Disabilities Act); representation of real estate lenders, for both improved and unimproved property, and including numerous construction financings secured by real estate; assistance with commercial leasing; from both the landlord and tenant side, and including condominium leasing; training residential home and condominium sales staff for compliance with applicable local and federal law; and workouts of all kinds. When he’s not busy lawyering, Josh may be found watching 80’s commercials, flying a single-engine plane, playing poker, or trying to be a good dad.

Recent  ContractsCounsel Client  Review:
5.0

"Josh has been extremely helpful sorting through issues with a tenant."

Fabian G. on ContractsCounsel
View Fabian
4.8 (5)
Member Since:
May 9, 2023

Fabian G.

Managing Attorney at GV LAW
Free Consultation
Miami, Florida
5 Yrs Experience
Licensed in FL
University of Miami School of Law

Fabian Garcia Villanueva is the Managing Attorney and Founder of GV Law PLLC, a premier boutique law firm delivering Big Law level representation to clients across corporate, transactional, and regulatory matters. At GV Law, Mr. Garcia leads a multidisciplinary team that advises business owners, investors, and professionals on complex transactions, strategic growth initiatives, and compliance across multiple sectors including healthcare, finance, real estate, technology, and international business. The firm handles everything from business formations and cross-border transactions to mergers and acquisitions, private offerings, commercial agreements, and ongoing legal operations support. Known for precision, strategic thinking, and relentless attention to detail, Mr. Garcia brings the rigor of top-tier law firms into a modern, agile practice. GV Law’s clients include emerging ventures, established corporations, and high-net-worth individuals seeking first-class legal partnership built on trust, efficiency, and results.

Recent  ContractsCounsel Client  Review:
5.0

"Good work, on time, good communications - very smooth process."

Amber M. on ContractsCounsel
View Amber
5.0 (32)
Member Since:
March 8, 2023

Amber M.

Attorney
Free Consultation
Arizona
11 Yrs Experience
Licensed in AZ, OK
J. Reuben Clark Law School

Amber Masters has 11 years of experience as a contracts attorney, helping small businesses with an array of agreements, such as purchase agreements, master service agreements, and employment contracts. She has an extensive background assisting health care providers through practice transitions including dentists, doctors, and other health care professionals. She is a highly rated and acclaimed estate planning attorney and personal finance expert, who has been featured on CNBC, NBC, and Yahoo Finance. She successfully launched and sold a fintech startup and can empathize with the issues small and mid-size businesses face. Licensed in Oklahoma and Arizona.

Recent  ContractsCounsel Client  Review:
5.0

"Great experience working with Ms. Amber. She was thorough, knowledgeable, and explained the contract terms and potential concerns very clearly. I really appreciated her practical recommendations and prompt communication. Highly recommend!"

Briana C. on ContractsCounsel
View Briana
5.0 (60)
Member Since:
February 15, 2021

Briana C.

Founder, Branch Legal LLC
Free Consultation
Boston, MA
14 Yrs Experience
Licensed in CA, MA, NY
Columbia University School of Law

Legal services cost too much, and are often of low quality. I have devoted my law practice to providing the best work at the most affordable price—in everything from defending small businesses against patent trolls to advising multinational corporations on regulatory compliance to steering couples through a divorce.

Recent  ContractsCounsel Client  Review:
5.0

"Briana was responsive and quick to put the draft together. It has been a pleasure working with her!"

Valerie I. on ContractsCounsel
View Valerie
5.0 (8)
Member Since:
February 24, 2026

Valerie I.

Advisory Attorney
Free Consultation
Coral Gables
5 Yrs Experience
Licensed in FL
St. Thomas College of Law

Miami-based transactional attorney specializing in corporate governance, contract drafting and negotiation, intellectual property, family law, and other general counsel assistance.

Recent  ContractsCounsel Client  Review:
5.0

"Valerie was knowledgeable, responsive, and thorough in reviewing my 1099 contractor agreement. She explained everything clearly and made sure my interests were protected. Highly recommend her for independent contractor agreements."

Maigan W. on ContractsCounsel
View Maigan
Member Since:
November 2, 2022

Maigan W.

Principal Attorney
Free Consultation
Los Angeles, California
5 Yrs Experience
Licensed in CA
California Western School of LaW

Maigan is a registered nurse and attorney with experience in technology, start-ups, blockchain, healthcare privacy, and employment law. She brings a practical, cross-disciplinary perspective to her work and speaks conversational Spanish. Technology, Start-Ups & Blockchain Maigan served as general counsel for a software-as-a-service company for three years and has a strong understanding of cryptocurrency and smart contracts. She helps businesses form entities; drafts and negotiates contracts and other agreements; assists with trademark applications, terms of service, privacy notices, fundraising; and consults with attorneys seeking blockchain and cryptocurrency experience. Healthcare Privacy As a registered nurse, Maigan brings firsthand healthcare experience to privacy matters. She advises on data breaches and compliance with HIPAA and California privacy laws. Employment Law Maigan represents California employees in matters involving wrongful termination, discrimination, harassment, and retaliation. Her wage-and-hour practice includes claims involving unpaid overtime, missed meal or rest breaks, minimum-wage violations, off-the-clock work, and misclassification as an independent contractor or exempt employee. She also handles employment class actions.

David W. on ContractsCounsel
View David
Member Since:
November 2, 2022

David W.

Attorney
Free Consultation
Texas
10 Yrs Experience
Licensed in TX
South Texas College of Law

Founder David W. Weygandt, the Singing Lawyer, is passionate about helping families and businesses stay in tune with what they care about and avoid conflict. When injustice has been done, David is proud to stand up to the modern Goliath and vindicate your rights on your behalf. David lives and practices law in The Woodlands, Texas, and assists clients all across Texas.

Find the best lawyer for your project

Browse Lawyers Now

See Real Business Partnership Agreement Projects

Connecticut Draft an OEM contract for medical test kit Drafting
  • Connecticut
  • 2 lawyer bids
  • $750 - $1,400
View Details
California Revise partnership agreement for NV Corp with MD LLC in Business Start-UP Review
  • California
  • 2 lawyer bids
  • $495 - $600
View Details
Maryland Partnership contract Drafting
  • Maryland
  • 7 lawyer bids
  • $1 - $2,000
View Details
New York PROMOTION AGREEMENT Review
  • New York
  • 10 lawyer bids
  • $445 - $850
View Details
Maryland Review Operating Agreement for Consulting Business Review
  • Maryland
  • 10 lawyer bids
  • $499 - $2,250
View Details
Florida Business Agreement Review for Partnership Formation. Review
  • Florida
  • 11 lawyer bids
  • $450 - $1,800
View Details

See all Business Partnership Agreement projects

Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.

View Trustpilot Review

Need help with a Business Partnership Agreement?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 24,624 reviews
CONTRACT LAWYERS BY TOP CITIES
See All Business Lawyers

Contracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.

View Trustpilot Review

I never knew how difficult it was to obtain representation or a lawyer, and ContractsCounsel was EXACTLY the type of service I was hoping for when I was in a pinch. Working with their service was efficient, effective and made me feel in control. Thank you so much and should I ever need attorney services down the road, I'll certainly be a repeat customer.

View Trustpilot Review

I got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.

View Trustpilot Review

Need help with a Business Partnership Agreement?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 24,624 reviews

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call

Find lawyers and attorneys by city