Is a partnership agreement the same as a business partnership agreement?

No two partnerships—or business partnership agreements—are alike. Any partnership agreement should be tailored to fit the specific and unique needs of individual partnerships, as well as the individual partners within a partnership. Still, certain basic principals are present across companies and industries.

What is a partnership agreement?

A partnership agreement is a legal document that dictates how a small for-profit business will operate under two or more people. The agreement lays out the responsibilities of each partner in the business, how much of the business each partner owns, and how much profit and loss each partner is responsible for.

Should a business partnership agreement be customized?

Yes. In fact, a business partnership agreement should be customized to fit the specific needs of a business. All partnerships are different. Some consist of only two equal partners; others contain many partners with various levels of ownership of the business.