What is a general partnership agreement in business?

Learn the key elements that every partnership agreement should have.

General partnership agreements, also known as business partnership agreements or simply partnership agreements, establish legally enforceable rules for partners starting a business together. From roles and responsibilities to ownership stakes and decision-making strategies, a general partnership agreement should anticipate, address, and resolve virtually any type of business dispute that arises.

Five key general partnership agreement elements.

When you and your partner(s) are developing your general partnership agreement, make sure you discuss, agree on, and include the following components:

Consult a legal expert before developing your general partnership agreement to ensure it is airtight, comprehensive, and meets your own business needs.

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