One of the trending juridical entities in the business world nowadays are general partnerships. A lot of groups of individuals venture into this kind of agreement because of the benefits and profits this arrangement can give.
Starting up a business or dealing with your friends is fun and exciting, but it is always good to put everything in writing so as to avoid conflicts and confusions. In line with this, drafting a general partnership agreement template can be a stressful endeavor for some. To help you skip out these kinds of hassles, feel free to check out our General Partnership Agreement Templates made for your benefit.
A general partnership agreement is a very important and crucial agreement that you must make before investing money and your industry or work to a certain joint venture. Black Law Dictionary defines a general partnership as “a group of two or more partners or individuals in an unincorporated business.”
The individuals contribute their money, property, credit, industry, or work to a common fund with an intention to distribute the profits to among themselves. The general partners are jointly and severally liable to the partnership’s contractual obligations.
Every country has their own legal rules and regulations regarding general partnerships. You must always base your agreement on that in the course of selecting your template. Speaking of templates, here are some of our featured ones:
As you can see, there can be various subject matters involving general partnerships. If you are also curious on how a general partnership is dissolved, we also have templates that will give you a sample dissolution agreement. As the partnership grows into a bigger company, you will have to look into Business Partnership Agreements to further delineate the partners’ roles and responsibilities. And as the company grows, this entails hiring more staff, which also entails setting up a code of conduct that should ideally include a nondisclosure agreement or confidentiality agreement. (See our collection of Confidentiality Agreement Templates.)
According to Forbes and other prominent business icons, there are crucial points to consider in drafting a general partnership agreement. Here are some of them:
These are just some of the factors that you need to take into account. As partners, you need to agree on those. After that, start downloading our well-researched templates for you. If you’re also looking for Sales Agreement Templates, we also have some templates for you.