[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"page-\u002Fcategories\u002Fbusiness-formation\u002Fpartnership-agreement":3},{"type":4,"data":5},"product",{"product_name":6,"slug":7,"category_slug":8,"order_type":9,"product_version_slug":10,"preview":11,"is_previewable":12,"related_products":13,"related_articles":39,"breadcrumbs":72,"productName":6,"productDescription":-1,"productVersionSlug":10,"localeId":-1,"landerSlug":7,"categorySlug":8,"_cmsSource":78,"hero":79,"quickLinks":85,"page_body":98,"meta_information":243,"sidebar_ad":247,"disclaimer":83,"stateSlug":82},"General Partnership Agreement","partnership-agreement","business-formation","Document","gp-9775","<center><p class='title center'><strong>GENERAL PARTNERSHIP AGREEMENT <br><br>FOR<br><br>_____________________<br><br><\u002Fstrong><\u002Fp><\u002Fcenter><br \u002F><br \u002F><p>This GENERAL PARTNERSHIP AGREEMENT (the "<strong>Agreement<\u002Fstrong>") is entered into on <span style='background: #BBBBBB;'>_____________<\u002Fspan> by and between  (each a "<strong>Partner<\u002Fstrong>" and collectively referred to as the "<strong>Partners<\u002Fstrong>" or "<strong>Parties<\u002Fstrong>"). Each Partner hereby agrees to the following terms and conditions:<\u002Fp><p><center><p class='center'><strong>Section I <br \u002F> Partnership Information<\u002Fstrong><\u002Fp><\u002Fcenter><\u002Fp><ol>  <li><strong>Partnership Name.<\u002Fstrong> The Partnership will be known as: <span style='background: #BBBBBB;'>_____________<\u002Fspan> (the "<strong>Partnership<\u002Fstrong>").<\u002Fli>  <li><strong>Principal Place of Business.<\u002Fstrong> The Partnership's principal place of business will be located at <span style='background: #BBBBBB;'>_____________<\u002Fspan> <span style='background: #BBBBBB;'>_____________<\u002Fspan>, <span style='background: #BBBBBB;'>_____________<\u002Fspan> <span style='background: #BBBBBB;'>_____________<\u002Fspan>.<\u002Fli>  <li><strong>Term.<\u002Fstrong> The Partnership will begin operations on <span style='background: #BBBBBB;'>_____________<\u002Fspan>, and its term will continue . The Partners agree to terminate the Partnership only as provided herein.<\u002Fli>  <li><strong>Business Purpose.<\u002Fstrong> The Partnership's primary business purpose is  The Partnership may also do all other lawful things to further its business purpose and conduct any other type of lawful business activity that the Partners may agree on from time to time.<\u002Fli><\u002Fol><p><center><p class='center'><strong>Section II <br \u002F> Ownership and Management<\u002Fstrong><\u002Fp><\u002Fcenter><\u002Fp><ol>  <li><strong>Initial Capital.<\u002Fstrong> Each Partner must deposit an initial capital contribution into the Partnership's joint contribution account. Each Partner's initial capital obligation and contribution amount will be as follows:<\u002Fli>  <ol>      <\u002Fol>  <li><strong>Ownership Interests.<\u002Fstrong> Each Partner's respective ownership interest will be as follows:<\u002Fli>  <ol>      <\u002Fol>  <li><strong>Management.<\u002Fstrong>  responsible for managing the daily business and operations of the Partnership.<\u002Fli>  <li><strong>Voting.<\u002Fstrong> Unless otherwise noted herein, all decisions concerning the Partnership will be made as follows: <span style='background: #BBBBBB;'>_____________<\u002Fspan> If a Partner is not available to vote on a matter in person, that Partner may cast his or her vote through an agent, by mail, or by other similar means.<\u002Fli>  <li><strong>Time and Ability.<\u002Fstrong> Each Partner agrees to devote to the Partnership so much of his or her time as is reasonably necessary for carrying out the Partnership's business and to use the utmost of his or her skills and abilities to further the Partnership's goals.<\u002Fli>  <li><strong>Partner Meetings.<\u002Fstrong> Regular meetings of the Partners will take place once per  at a reasonably convenient time and location for the Partners. A special meeting of the Partners may be called .<\u002Fli>  <li><strong>Partnership Property.<\u002Fstrong> Legal title to any Partnership property, whether real or personal, may be held in the name of the Partnership or in such other name as the Partners determine by vote. If the Partners so vote, Partnership property may be held in their own names or in the names of Partnership trustees or nominees; however, holding property in this manner will be for convenience only and any such property will continue to be treated as Partnership property by the Partners in all respects. No Partner may withdraw any portion of the capital of the Partnership or encumber any asset of the Partnership without the unanimous and express written consent of all other Partners.<\u002Fli>    <\u002Fol><p><center><p class='center'><strong>Section III <br \u002F> Profits and Losses<\u002Fstrong><\u002Fp><\u002Fcenter><\u002Fp><ol>  <li><strong>Profits and Losses.<\u002Fstrong> Net profits will be distributed to the Partners . The net profits of the Partnership will be calculated by an independent public accountant selected by vote of the Partners, and, except as to clear errors discovered within thirty (30) business days after its completion, the accountant's calculation of net profits shall be final and conclusive as to each Partner. The Partners accept responsibility for paying for any taxes, encumbrances, insurance, and other expenses relating to the operation of the Partnership according to the ratios described in this paragraph. Net profits and net losses will be distributed to or borne among the Partners as follows: <\u002Fli>  <p class='indent-1'> Net Profits:<\u002Fp>  <ol>      <\u002Fol>  <p class='indent-1'>Net Losses:<\u002Fp>  <ol>      <\u002Fol>  <li><strong>Retention of Earnings.<\u002Fstrong> Profits may be retained by the Partnership instead of being distributed for any amount of time that the Partners so vote.<\u002Fli>  <li><strong>Salaries.<\u002Fstrong> Whether or not any Partner is to receive a salary for services rendered to the Partnership and the amount of any Partner's salary will be determined by vote of the Partners.<\u002Fli><\u002Fol><p><center><p class='center'><strong>Section IV <br \u002F> Accounting<\u002Fstrong><\u002Fp><\u002Fcenter><\u002Fp><ol>  <li><strong>Contribution Accounts.<\u002Fstrong> All Partners will maintain a joint contribution account to hold money paid to the Partnership by the Partners, including the Partners' initial contributions.<\u002Fli>  <li><strong>Distribution Accounts.<\u002Fstrong> All Partners will maintain a joint distribution account to hold money paid to the Partners by the Partnership.<\u002Fli>  <li><strong>Banking.<\u002Fstrong> The Partners will deposit all capital contributions, revenue, and other funds of the Partnership into any one or multiple banking institutions as the Partners so designate by vote. Each Partner's authority to sign checks from any joint Partnership bank account is as follows:<\u002Fli>  <ol>      <\u002Fol>  <li><strong>Accounting Records; Fiscal Year.<\u002Fstrong> Adequate accounting records will be created and maintained for the Partnership and all Partnership accounts. Accounting records and books will be kept on an accrual basis and the fiscal year will end on the last day of <span style='background: #BBBBBB;'>_____________<\u002Fspan>. Partnership books will include records of income, expenses, assets, and liabilities and will be kept accurate, complete, and open to inspection by any Partner or Partner's agent at all times.<\u002Fli>  <li><strong>Audits.<\u002Fstrong> A complete audit of all Partnership affairs will be conducted at the close of each fiscal year, or more frequently should the Partners so choose by vote, by an independent public accountant selected by vote of the Partners. Except as to clear errors discovered within ten (10) business days after its completion, each audit shall be final and conclusive as to each Partner.<\u002Fli>  <li><strong>Taxes; Tax Matters Partner.<\u002Fstrong> Each Partner is responsible for paying his or her own taxes on distributions received.  Any of the Partners may represent the Partnership before the Internal Revenue Service.<\u002Fli><\u002Fol><p><center><p class='center'><strong>Section V <br \u002F> Dissolution and Winding Up<\u002Fstrong><\u002Fp><\u002Fcenter><\u002Fp><ol>  <li><strong>Partner Withdrawal:<\u002Fstrong> Any Partner may voluntarily withdraw at any time by giving the other Partner(s)  written notice of his or her intention to do so.  <li><strong>Dissolution Upon Dissociation:<\u002Fstrong> The Partnership will dissolve upon the dissociation of any Partner, whether due to voluntary withdrawal, death, incapacity, bankruptcy, retirement, termination, or for any other reason, unless the remaining Partners agree to purchase the departing Partner's ownership interest within ninety (90) days of the dissociation. If the remaining Partner(s) unanimously agree to purchase the departing Partner's ownership interest, the remaining Partner(s) will divide and purchase the departing Partner's ownership interest equally. Should the remaining Partner(s) not unanimously choose to purchase the departing Partner's ownership interest, individual Partners will then have the right to purchase the ownership interest, and each Partner that chooses to purchase will divide the acquired ownership interest equally, unless otherwise agreed. If all the remaining Partner(s) unanimously consent, a non-Partner may purchase the departing Partner's ownership interest within thirty (30) days of receiving such consent. If the departure is due to the death of a departing Partner, the executor, administrator, surviving spouse or any other legal representative of the deceased Partner will sell, and the Company will purchase, all of the departing Partner's ownership interest to the Partnership.<\u002Fli>      <li><strong>Winding Up.<\u002Fstrong> Upon dissolution or termination of the Partnership by the unanimous consent of the Partners or otherwise, the affairs of the Partnership will be finalized, the assets of the Partnership will be promptly liquidated, all debts will be paid, and any remaining funds will be distributed according the ratios specified herein.<\u002Fli><\u002Fol><p><center><p class='center'><strong>Section VI <br \u002F> Miscellaneous<\u002Fstrong><\u002Fp><\u002Fcenter><\u002Fp><ol>  <li><strong>Governing Law.<\u002Fstrong> The Partnership and this Agreement will be governed by the laws of the State of <span style='background: #BBBBBB;'>_____________<\u002Fspan> exclusively and without reference to principles of conflict of laws.<\u002Fli>    <li><strong>Notices.<\u002Fstrong> All notices between the Partners will be in writing and may be served by personal delivery, fax, email, or certified United States Mail, return receipt requested. All notices will be effective upon receipt by the Partner(s) or upon the fifth day following the notice being mailed, whichever occurs first.<\u002Fli>  <li><strong>Assignment.<\u002Fstrong> This Agreement will be binding and inure to the benefit of the Parties, their personal representatives, successors, guardians, and assigns, but only to the extent that such assignment is permitted by the terms of this Agreement, if at all.<\u002Fli>  <li><strong>Construction.<\u002Fstrong> In this Agreement, the masculine, feminine, and neuter genders will be interpreted to include each other, as will the singular and plural. Headings used herein are for convenience only and will not be interpreted to give any meaning to their respective provisions.<\u002Fli>  <li><strong>Severability.<\u002Fstrong> The Parties have attempted to limit provisions herein so that they apply only to the extent necessary to protect their legitimate business and property interests. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, that provision shall be considered removed from this Agreement; however, the remaining provisions shall continue to be valid and enforceable according to the intentions of the Parties. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.<\u002Fli>  <li><strong>Spousal Consent.<\u002Fstrong> Each married Partner or Partner having a domestic partner agrees to obtain their respective spouse's or domestic partner's consent to the terms and conditions of this Agreement by having such person sign the attached Spousal Consent form.<\u002Fli>  <li><strong>Entire Agreement.<\u002Fstrong> This Agreement, including any attachments, exhibits, and amendments hereto, represents the entire and singular agreement between the Partners pertaining to the Partnership, and any prior agreements, promises, or representations not included herein are void and of no effect.<\u002Fli>  <li><strong>Amendments.<\u002Fstrong> Any amendments, modifications, or additions to this Agreement must be expressly made in a writing signed and unanimously agreed upon by all Partners.<\u002Fli><\u002Fol><div class='-page-break'><\u002Fdiv><center><p class='title center'><strong>Spousal Consent<\u002Fstrong><\u002Fp><\u002Fcenter><br \u002F><br \u002F><p>The undersigned persons, each being a spouse of a Partner that signed the preceding General Partnership Agreement effective <span style='background: #BBBBBB;'>_____________<\u002Fspan>, having read and understood that agreement, hereby consent to all of the terms and conditions contained therein.<\u002Fp><div class='-page-break'><\u002Fdiv><center><p class='title center'><strong>Instructions for Your General Partnership Agreement<\u002Fstrong><\u002Fp><\u002Fcenter><br \u002F><br \u002F><p><b>Partnership Information<\u002Fb><\u002Fp><p>When choosing the partnership's name, it is a good idea to make sure that no other company is using a similar business name so as to not violate any federal trade name laws. You can check with your Secretary of State to see which names are already in use. Many states also require that you register any fictitious business name you use (a "DBA" - doing business as). Check your state's Secretary of State website for more information.<\u002Fp><p>With the effective date, you can choose any date that you want the partnership agreement to go into effect. Most partnerships have an indefinite duration, meaning that they will continue forever until dissolved by the Partners or according to the partnership agreement. Although an indefinite duration is most common, you may also choose to specify a fixed end date for the partnership to automatically terminate.<\u002Fp><p>When answering the business purpose, it is best to leave your purpose broad if you do not wish to limit your operations. However, remember that you can always amend your general partnership agreement in the future if need be. Lastly, use the address of the partnership's primary place of business. If one has not been established yet, you can use the address of one of the Partners.<\u002Fp><p><b>Partner Information<\u002Fb><\u002Fp><p>Here you will provide each Partner's most important information, such as their full legal names, ownership percentage, and authority to sign checks. This form builder allows you to add as many partners as needed.<\u002Fp><p><b>Initial Capital Contribution<\u002Fb><\u002Fp><p>The initial capital contribution is how much money each of the Partners is investing in the partnership to begin operations. The contribution deadline is the date by which each Partner must deposit his or her initial capital contribution.<\u002Fp><p><b>Ownership<\u002Fb><\u002Fp><p>On this step you will enter each Partner's ownership percentage in the partnership. For instance, if there are four Partners and each will own an equal share of the partnership, then you would enter 25% for each. Whatever ownership percentage you choose for each Partner, make sure that they equal 100% when added together.<\u002Fp><p><b>Profits and Losses<\u002Fb><\u002Fp><p>Next, you will specify how the Partners will divide profits and losses of the partnership. These are the net profits and net losses the partnership either earns or suffers during each accounting cycle. You can then specify how often any net profits that remain will be distributed to the Partners. The Partners will always have the option of retaining earnings to reinvest them in the Partnership. This is usually a good idea during the initial stages of the business to keep it growing.<\u002Fp><p><b>Voting<\u002Fb><\u002Fp><p>Indicate the voting threshold for making important partnership decisions. Most commonly, each Partner will have an equal vote. However, you may decide to pass votes based on the Partners holding a majority of the ownership interests.<\u002Fp><p><b>Management<\u002Fb><\u002Fp><p>Here you can indicate how the Partners will manage the day-to-day activities of the Partnership. You may wish to designate a managing Partner if only one Partner will manage while the rest act as "silent" Partners.<\u002Fp><p><b>Partnership Checks<\u002Fb><\u002Fp><p>On this step, simply indicate whether each Partner has the authority to write checks drawing on a joint partnership bank account in the name of the partnership.<\u002Fp><p><b>Accounting<\u002Fb><\u002Fp><p>In answering whether you will use cash or accrual accounting, "cash accounting" records revenue when money is received and expenses when money is paid, and "accrual accounting" records revenue when it is earned and expenses when they become due. Most companies use accrual accounting unless they are very small.<\u002Fp><p><b>Final Matters<\u002Fb><\u002Fp><p>The governing law is the law that will control the partnership and settle any disputes between the Partners. Usually, Partners choose the state of their headquarters, but this is not required. It is also recommended that you select to include an arbitration agreement. This will help you avoid the time and expense of settling disputes between the Partners in a formal court of law.<\u002Fp><p><b>Executing Your Agreement<\u002Fb><\u002Fp><p>After completing the steps, print out the agreement and have all the Partners and their spouses (or domestic partners) sign it in front of a notary public. Spouses are required to sign it because the agreement requires that all spouses give up their right to inherit the ownership interest of any Partner that leaves the partnership. Instead, the partnership will have the right to buy out any departing Partner's ownership interest. This helps avoid the messy scenario that can occur if a Partner dies and his or her spouse is forced to become a Partner and have a hand in managing the partnership. Once the document is signed by all the parties involved, simply distribute copies to all the Partners and you are done!<\u002Fp>  \n\n",true,[14,18,21,24,27,30,33,36],{"product_name":15,"category":16,"link":17},"Certificate of Organization","Business Formation","\u002Fcategories\u002Fbusiness-formation\u002Fcertificate-of-organization",{"product_name":19,"category":16,"link":20},"LLC Operating Agreement Addendum","\u002Fcategories\u002Fbusiness-formation\u002Fllc-operating-agreement-addendum",{"product_name":22,"category":16,"link":23},"Corporate Bylaws","\u002Fcategories\u002Fbusiness-formation\u002Fcorporate-bylaws",{"product_name":25,"category":16,"link":26},"LLC Operating Agreement","\u002Fcategories\u002Fbusiness-formation\u002Fllc-operating-agreement",{"product_name":28,"category":16,"link":29},"Articles of Incorporation","\u002Fcategories\u002Fbusiness-formation\u002Farticles-of-incorporation",{"product_name":31,"category":16,"link":32},"Corporate Resolution","\u002Fcategories\u002Fbusiness-formation\u002Fcorporate-resolution",{"product_name":34,"category":16,"link":35},"California Professional Corporation","\u002Fcategories\u002Fbusiness-formation\u002Fcalifornia-professional-corporation",{"product_name":37,"category":16,"link":38},"LLC Operating Agreement Amendment","\u002Fcategories\u002Fbusiness-formation\u002Fllc-operating-agreement-amendment",[40,44,48,52,56,60,64,68],{"title":41,"description":42,"link":43},"General Partnerships: How Much of Your Personal Assets to Invest","There are several ways for a person to invest in a partnership, and whether it be a business that is just forming or one that is already established, the decision on exactly what to invest and how much can be critical to the investor's...","\u002Fguides\u002Fgeneral-partnerships-how-much-of-your-personal-assets-to-invest",{"title":45,"description":46,"link":47},"Partnership or LLC? 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Our partnership agreement is state specific and provides the strongest level of partnership protection available while still allowing you to fully customize it according to the goals of the partnership. 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You can choose between LLC, S Corp, C Corp, or Nonprofit.\u003C\u002Fp>","$49",[],"business-formation-ad",{"hideOnMobile":117,"hideOnDesktop":117},{"id":154,"headline":92,"description":155,"body":156,"buttonText":157,"buttonLink":82,"blockName":82,"blockType":158,"visibility":159},"6a15a1e9f13133005943e400","Our general partnership agreement solidifies the relationship between business partners and is an important tool for laying the groundwork for a successful, long-term business venture. The following instructions provide key insights and considerations when creating this essential document.","\u003Ch4>Partnership Information\u003C\u002Fh4>\n\u003Cp>To begin, you will include the partnership's name, effective date of the agreement, business purpose, and address. When choosing the partnership's name, it is a good idea to make sure that no other company is using a similar business name so as to not violate any federal trade name laws. You can check with your Secretary of State to see which names are already in use. Many states also require that you register any fictitious business name you use, called a \"DBA\" (doing business as). Check your state's Secretary of State website for more information.\u003C\u002Fp>\n\u003Cp>When adding the effective date, you can choose any date that you want the partnership agreement to go into effect. In answering the business purpose, it is best to leave your purpose broad if you do not wish to limit your operations. However, remember that you can always amend your general partnership agreement in the future if need be. Lastly, use the address of the partnership's primary place of business. If one has not yet been established, you can use the address of one of the partners.\u003C\u002Fp>\n\u003Ch4>Initial Capital Contribution\u003C\u002Fh4>\n\u003Cp>The initial capital contribution is how much money each Partner is investing in the partnership to begin operations. Partners may always add additional capital at a later time. The contribution deadline is the date by which each partner must deposit his or her initial capital contribution.\u003C\u002Fp>\n\u003Ch4>Ownership\u003C\u002Fh4>\n\u003Cp>When entering each partner's ownership percentage in the partnership, be sure that all percentages add up to 100%. For instance, if there are four partners and each will own an equal share of the partnership, then you would enter 25% for each.\u003C\u002Fp>\n\u003Ch4>Profits and Losses\u003C\u002Fh4>\n\u003Cp>Next, you will specify how the partners will divide profits and losses of the partnership. These are the net profits and net losses the partnership either earns or suffers during each accounting cycle. You may then specify how often any net profits that remain will be distributed to the partners. The partners will always have the option of retaining earnings to reinvest them in the partnership. This is usually a good idea during the initial stages of the business to keep it growing.\u003C\u002Fp>\n\u003Ch4>Decision-Making and Management Roles\u003C\u002Fh4>\n\u003Cp>Here you will indicate how the partners will make important decisions. How decisions are made is completely at your discretion and usually depends on the number of partners and the type of business, among other factors. Keep in mind that it is often advisable to try to avoid any possibility of a tied vote between the partners, which often arises if there is an even number of partners and a majority vote is required to pass any decision.\u003C\u002Fp>\n\u003Ch4>Partnership Checks\u003C\u002Fh4>\n\u003Cp>You will then specify whether each partner has the authority to write checks drawing on a joint partnership bank account in the name of the partnership.\u003C\u002Fp>\n\u003Ch4>Accounting\u003C\u002Fh4>\n\u003Cp>In answering whether you will use cash or accrual accounting, \"cash accounting\" records revenue when money is received and expenses when money is paid, and \"accrual accounting\" records revenue when it is earned and expenses when they become due. Most companies use accrual accounting unless they are very small.\u003C\u002Fp>\n\u003Ch4>Governing Law\u003C\u002Fh4>\n\u003Cp>The governing law is the law that will control the partnership and settle any disputes between the partners. Usually, partners choose the state of their headquarters, but this is not required. It is also recommended that you select to include an \u003Ca href=\"https:\u002F\u002Fwww.legalnature.com\u002Fcategories\u002Fbusiness\u002Farbitration-agreement\" target=\"_blank\" rel=\"noopener\">arbitration agreement\u003C\u002Fa>. This will help you avoid the time and expense of settling disputes between the partners in a formal court of law.\u003C\u002Fp>\n\u003Ch4>Executing Your Agreement\u003C\u002Fh4>\n\u003Cp>After completing the steps, print out the agreement and have all the partners and their spouses (or domestic partners) sign it in front of a notary public.\u003C\u002Fp>\n\u003Cp>Spouses are required to sign it because the agreement requires that all spouses give up their right to inherit the ownership interest in the partnership. This helps avoid the messy scenario that can occur if a partner dies and his or her spouse is forced to become a partner and have a hand in managing the partnership. Instead, the partnership will have the right to buy out any departing partner's ownership interest.\u003C\u002Fp>\n\u003Cp>Once the document is signed by all the parties involved, simply distribute copies to all the partners.\u003C\u002Fp>","Create Partnership Agreement","help-guide",{"hideOnMobile":117,"hideOnDesktop":117},{"id":161,"style":141,"size":142,"blockName":82,"blockType":143,"visibility":162},"6a15a1e9f13133005943e401",{"hideOnMobile":117,"hideOnDesktop":117},{"id":164,"heading":165,"variant":166,"businessOnly":117,"blockName":82,"blockType":167,"visibility":168},"6a15a1e9f13133005943e402","What our customers are saying about us","block","reviews",{"hideOnMobile":117,"hideOnDesktop":117},{"id":170,"style":141,"size":142,"blockName":82,"blockType":143,"visibility":171},"6a15a1e9f13133005943e403",{"hideOnMobile":117,"hideOnDesktop":117},{"id":173,"headline":174,"description":175,"blockName":82,"documents":176,"blockType":191,"visibility":192},"6a15a1e9f13133005943e407","Related Documents","View additional documents that our customers are creating. Whether you are a small business or a large corporation, we have you covered. ",[177,181,186],{"id":178,"name":179,"description":180,"link":82,"ctaText":82},"6a15a1e9f13133005943e404","Loan Agreement","Use this document to specify all the important terms and conditions for repayment of a loan. Loan agreements between partners or other lenders are important for protecting both the borrower and lender. ",{"id":182,"name":183,"description":184,"link":185,"ctaText":82},"6a15a1e9f13133005943e405","Business Plan","Use this document to outline your company's operations, marketing, and financial strategy for potential investors or partners.","\u002Fcategories\u002Fbusiness-formation\u002Fbusiness-plan",{"id":187,"name":188,"description":189,"link":190,"ctaText":82},"6a15a1e9f13133005943e406","Employee Handbook","Use this document to specify all your policies and procedures concerning the important aspects of employment. Any company with employees needs to have an employee handbook in place to comply with state and federal employment laws.","\u002Fcategories\u002Fhuman-resources\u002Femployee-handbook","related-documents",{"hideOnMobile":117,"hideOnDesktop":117},{"id":194,"style":141,"size":142,"blockName":82,"blockType":143,"visibility":195},"6a15a1e9f13133005943e408",{"hideOnMobile":117,"hideOnDesktop":117},{"id":197,"heading":198,"background":199,"blockName":82,"items":200,"blockType":221,"visibility":222},"6a15a1e9f13133005943e40e","Frequently Asked Questions","white",[201,205,209,213,217],{"id":202,"question":203,"answer":82,"legacyHtml":204},"6a15a1e9f13133005943e409","What is a partnership agreement?","\u003Cp>A general partnership agreement outlines the rights and responsibilities of two or more partners owning a for-profit business. The agreement typically includes the upfront capital contributions of the partners and also indicates the nature of the business.\u003C\u002Fp>\n\u003Cp>Unlike corporations and LLCs, a general partnership is not a distinct legal entity separate from its owners. This means that partners personally incur all debts and liabilities on behalf of the partnership.\u003C\u002Fp>",{"id":206,"question":207,"answer":82,"legacyHtml":208},"6a15a1e9f13133005943e40a","When should I use a general partnership agreement?","\u003Cp>It is highly recommended that a written agreement always be used whenever two or more people decide to run this type of for-profit business together.\u003C\u002Fp>\n\u003Cp>Similar to a sole proprietorship, a general partnership is the default \u003Ca href=\"https:\u002F\u002Fwww.legalnature.com\u002Fguides\u002Fwhich-business-structure-is-right-for-you\" target=\"_blank\" rel=\"noopener\">business structure\u003C\u002Fa> created automatically whenever two or more people decide to conduct business together.\u003C\u002Fp>",{"id":210,"question":211,"answer":82,"legacyHtml":212},"6a15a1e9f13133005943e40b","Do I need to file or register my partnership agreement?","\u003Cp>You are not required to file a general partnership agreement with your state or local government. However, some states may permit you to do so. It is recommended that you visit your state's Secretary of State website (or similar business division website) in order to review any options they may provide. If permitted, there may be certain benefits available to partnerships that voluntarily register.\u003C\u002Fp>",{"id":214,"question":215,"answer":82,"legacyHtml":216},"6a15a1e9f13133005943e40c","What is joint and several liability?","\u003Cp>Partners in a general partnership are said to be \"jointly and severally\" liable for the partnership's obligations. This means that each partner may be held legally responsible for the total amount of any partnership debt. A party that brings a claim against the partnership may pursue one or all of the partners. If, as a result of the claim, one partner is forced to repay the debt in full, then that partner may later seek reimbursement against the remaining partners for their share of the debt in a separate proceeding.\u003C\u002Fp>",{"id":218,"question":219,"answer":82,"legacyHtml":220},"6a15a1e9f13133005943e40d","Do I need a partnership agreement?","\u003Cp>Partnership agreements are recommended for two or more people who run a for-profit business together for the purpose of making profit, including family (spouses), friends, or colleagues.\u003C\u002Fp>","faqs",{"hideOnMobile":117,"hideOnDesktop":117},{"id":224,"style":141,"size":142,"blockName":82,"blockType":143,"visibility":225},"6a15a1e9f13133005943e40f",{"hideOnMobile":117,"hideOnDesktop":117},{"id":227,"headline":228,"text":229,"image":230,"ctaText":82,"blockName":82,"blockType":241,"visibility":242},"6a15a1e9f13133005943e410","Start Your Partnership Agreement","Complete your partnership agreement in minutes with LegalNature's intuitive, step-by-step guidance.",{"id":231,"alt":82,"updatedAt":232,"createdAt":233,"url":234,"thumbnailURL":82,"filename":235,"mimeType":236,"filesize":237,"width":238,"height":239,"focalX":240,"focalY":240},210,"2026-07-24T10:46:14.235Z","2026-07-24T10:46:14.133Z","https:\u002F\u002Fs3.us-east-2.amazonaws.com\u002Fshared-cms-main-media.legalnature.com\u002Fgeneral-doc-image.jpg","general-doc-image.jpg","image\u002Fjpeg",369412,894,594,50,"get-started",{"hideOnMobile":117,"hideOnDesktop":117},{"title":244,"description":245,"keyword":83,"og_image":246},"Partnership Agreement Template | Create & Print | LegalNature","Our general partnership agreement template makes it fast and easy to create a general partnership agreement that you can rely on.","https:\u002F\u002Fs3.us-east-2.amazonaws.com\u002Fshared-cms-main-media.legalnature.com\u002FKS7NpsBLSiGxZhKZQzg7.jpg",{"headline":82,"image":82,"imageUrl":82,"steps":248},[]]