Here are listed suggestions of points that should be covered by a partnership agreement. You will need to add others to meet the needs of your own particular situation. Name - purpose - location Duration of the agreement Authority and responsibilities of each individual partner (which partner supervises which employees, etc.) Character of partners (general or limited, active or silent) Amount to be contributed by each partner (at the beginning, also later) Division of profits and losses (this is very important) Salaries of each partner (whether guaranteed or not) How much drawing allowed each partner Death of partner (dissolution and wind-up) Sale of partnership interest Arbitration of disputes (how disputes will be settled) Required and prohibited acts Absence and disability Restrictive covenants Buying and selling agreements   Return to Business Basics & Types