Here is a free Partnership Contract Template that can be used to create professional partnership contracts while launching a join venture in any field of life. This sample contract contains all the standard terms & conditions that one can think about an on going Partnership in business. However it is strongly recommended to read them all and edit it as per situation and requirements to make it complete fit for your situation. You can also add more terms easily by using lastest MS Word Application.
Partnership contracts are business contracts that are used to create when two or more businessmen indulge in partnership. Partnership contracts are necessary to have for each business partner to be informed with everything going in your business deal. You can be aware of all terms and conditions of your partnership having contract in written form. If you are going to start your business with some of your friend, family member, colleague or anyone else, you must have a written partnership agreement. Before accomplishing partnership contract, you should be informed about the key elements of this contract. Remember, a partnership agreement is one of important documentation of a business so it must be created in more professional look.
Here is preview of this Partnership Contract Template created using MS Word 2003,
However, here we have nice information for you about all necessary elements to be included in a partnership contract.
- Put your partnership agreement in writing. Never keep them oral. Having oral agreements can create lots of problems and issues when you have to consult with them and also for legal prove. A written contract is the best because you can bring it in court for legal procession and can justify rights of each partner. So first of all, focus on creating a written partnership contract.
- Using complicated wording in creating partnership contract is never suitable. Just keep it clear, short and straight forward so that it may understand by the each business partner.
- Particulars and detailed description of each business partner is necessary to include in partnership contract. Name, phone numbers, addresses, age and others information like that should be included in this section.
- Each contact consists of some terms and conditions of agreement and this information must be a part of contract while writing it. These terms and conditions can make each party aware of their rights according to partnership agreement. Moreover, these terms and conditions also help when partnership agreement is brought for legal procession.
- Percentage of each party’s ownership is also very important to include in partnership contract. It also shows how much each party is contributing or having share in the business entity.
- Allocation of profits and losses is another important part of partnership agreement so details of this thing should also be included clearly in a partnership contract. A particular amount of interest rate is also mentioned in this regard.
- It must be mentioned in the contract who is dealing with contract. It means mention about the person who is responsible for binding the partnership. This person is also responsible for making important decisions about the business but these decisions are made by consulting other business partners.
- Other short including of a partnership contract may include date, time, title of agreement, signatures of business partners and other like that.
- It is also stated in a partnership agreement that on which circumstances we can quit the agreement. All business partners should be aware of this information so it is necessary thing to include in partnership contract.
You have written the things mentioned above? They are necessary to put in partnership contract. These are key elements of partnership agreement and also make agreement professional like.
Here is download link for this Partnership Contract Template,