Here is a free Partnership Contract Template that can be used to create professional partnership contracts while launching a joint venture in any field of life. This sample contract contains all the standard terms & conditions that one can think about an ongoing Partnership in business. However, it is strongly recommended to read them all and edit them as per the situation and requirements to make them completely fit your situation. You can also add more terms easily by using the latest MS Word Application.
Partnership contracts are business contracts that are used to create when two or more businessmen indulge in a partnership. Partnership contracts are necessary to have for each business partner to be informed about everything going on in your business deal. You can be aware of all terms and conditions of your partnership by having a contract in written form. If you are going to start your business with some of your friends, family member, colleague, or anyone else, you must have a written partnership agreement. Before accomplishing a partnership contract, you should be informed about the key elements of this contract. Remember, a partnership agreement is one of the important documentation of a business so it must be created with a more professional look.
Here is a preview of this Partnership Contract Template created using MS Word 2003,
However, here we have nice information for you about all the 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 proof. A written contract is the best because you can bring it to court for legal procession and can justify the rights of each partner. So first of all, focus on creating a written partnership contract.
- Using complicated wording in creating a partnership contract is never suitable. Just keep it clear, short, and straightforward so that it may understand by each business partner.
- Particulars and detailed description of each business partner is necessary to include in the partnership contract. Names, phone numbers, addresses, ages, and other information like that should be included in this section.
- Each contract consists of some terms and conditions of the agreement and this information must be a part of the contract while writing it. These terms and conditions can make each party aware of their rights according to the partnership agreement. Moreover, these terms and conditions also help when a partnership agreement is brought for legal procession.
- The percentage of each party’s ownership is also very important to include in the partnership contract. It also shows how much each party is contributing or having a share in the business entity.
- Allocation of profits and losses is another important part of a 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 the 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 the date, time, the title of the agreement, signatures of business partners, and others like that.
- It is also stated in a partnership agreement on which circumstances we can quit the agreement. All business partners should be aware of this information so it is necessary thing to include it in the partnership contract.
You have written the things mentioned above? They are necessary to put in a partnership contract. These are key elements of the partnership agreement and also make the agreement professional.
Here is the download link for this Partnership Contract Template,