A partnership is a legal arrangement between two or more persons carrying on business in common for the purpose of sharing profit, It covers the day-to-day management of the company and sets out the duties and liabilities of each partner so that each knows where they stand especially in light of corresponding Partnership Acts. Those persons can be companies, individuals or trusts. Some professions can only be carried on by individuals together as partnerships.
The advantages of a partnership include direct distributions of profits, shared liabilities and contributions to capital. Some of the disadvantages include joint and, in some States, several liability for partnership debts. There can be tax advantages and disadvantages depending on the nature of the partnership business. You should speak with your lawyer, accountant and tax adviser on this.
Partnerships are governed by Partnership Acts of each State and Territory. While those Acts are similar, there are differences. LawLive recommends you download and read a soft copy of the Partnership Act of your State/Territory and read the Partnership Act applicable in the State/Territory in which you are going to conduct your business.
These Partnership Agreement Templates are suitable for use as the basis for establishing a formal partnership. These Partnership Agreement Templates are delivered in Microsoft Word format which allows you and your prospective partners to modify the Partnership Agreement to be structured exactly as you wish.
LawLive also provides a Family Partnership Deed template specifically for where parents wish to enter into a partnership with their children.
Select an Partnership Agreement Template to continue;