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Home Business Documents Partnership Agreement Small Business Partnership Agreement

Small Business Partnership Agreement

Use our small business partnership agreement template to detail all the key information of a partnership for a small business.

Published May 31, 2022

A successful small business partnership is akin to a strong relationship. Both entail, not just short-term mutual benefits, but long-term compatibility. You need to have the same vision, mission, and goals for the business. But under the pressure of starting a new business, problems do arise and can turn into major setbacks. Therefore, a small business partnership agreement template should be formulated to govern the business.

Learn more about a small business partnership agreement below and download a template to get you started.

Table of Contents
  • What is a Small Business Partnership Agreement?
  • When to Use a Small Business Partnership Agreement?
  • What to Include in a Small Business Partnership Agreement
  • Small Business Partnership Agreement Sample

What is a Small Business Partnership Agreement?

A small business partnership agreement simply defines the clear guidelines for the successful operations of a small business partnership and the roles to be played by each partner. The partnership agreement includes how profits and losses are to be shared amongst the partners, how the business will run in case of withdrawal of a partner, and the rights and obligations of each partner.

When to Use a Small Business Partnership Agreement?

You should use a small business partnership agreement if you want to form a small business partnership. A partnership agreement is a vital document in the decision-making process of a business. The absence of such an agreement can negatively affect the decision-making process of both partners in business. For instance, in case a partner withdraws from the business, there should be outlined guidelines on whether the partnership should be dissolved or reformed.

There will always be conflicts and tough decision-making in the life span of a business. A partnership agreement helps to reduce and solve disputes between you and your partner.

What to Include in a Small Business Partnership Agreement

Before the formation of any successful business partnership, there are crucial factors that should be put into consideration.

The following factors form the bedrock of any successful joint business:

  • Decision making

It is important to note that you and your partner will not agree on everything concerning the business. Therefore, you should come up with long-term solutions to dilemmas within the business. Who needs to make the final say? Which decisions require undivided votes by the partners? By drafting down a non-biased decision-making structure, you will have a peaceful business.

  • Distributions

The main intention of building the business is to maximize the profits received. Your small business partnership agreement should entail how you will divide business profits and how much each partner will receive.

  • Ownership

Your agreement should clearly describe how ownership will change in various scenarios. What happens when a partner withdraws? What are the chances of buying out or absorbing a new partner? What happens if one partner dies, retires, or goes bankrupt?

  • Dispute resolution

If things fall apart between partners, how will the disagreements be resolved? Deciding how you will handle disputes sets the foundation for a friction-free business.

  • Critical developments

Sometimes, the unpredictable happens and your small business partnership agreement should address possible concerns and circumstances such as; what happens when a partner falls sick? What are the retirement provisions?

  • Dissolution

A partnership agreement should entail the steps to be taken when legally terminating the partnership. You might opt to do this after you and your partners fail to approve of the future of your business.

  • Contributions

Make sure you outline each partner’s role in the formation of the business and running of finances. In your small business partnership agreement, define what each partner brings to the table- not only monetary value but also time, customers, efforts, liabilities, etc.

Small Business Partnership Agreement Sample

The below small business partnership agreement template allows you to quickly fill in the blanks and get your partnership up and running. Download in PDF or Word format.

partnership agreement template

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Related Business Operations Documents

  • Business Plan: Create a business plan to guide you through each stage of starting and growing your business.
  • Partnership Agreement Amendment: A Partnership Amendment is a document detailing any changes to a Partnership Agreement.
  • Assignment of Partnership Interest: A legal document that transfers the rights to receive benefits from an original business partner to a new business partner.
  • Business Proposal: A document used to form new relationships with other businesses and organizations.
Partnership Agreement Sample Preview PDF

Small Business Partnership Agreement

Start building your Small Business Partnership Agreement today!

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Small Business Partnership Agreement

Partnership Agreement Sample

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