Confidentiality & Legal

Free Partnership Agreement Template (PDF)

A partnership agreement sets the terms for two or more people running a business together — what each partner contributes, how profits and losses are split, who decides what, and what happens if a partner leaves or the partnership ends.

When to use it

Use this the moment you start a business with someone else, before any money changes hands or decisions get made — the agreement that's easiest to write is the one drafted before a disagreement, not after.

What's typically included

• Formation and purpose
• Contributions
• Profit and loss allocation
• Management and decision-making
• Partner duties
• Withdrawal and dissociation
• Dissolution
• Dispute resolution
• Governing law

How to fill it in

• Fill in each partner's actual contribution (cash, equipment, expertise, time) and the exact profit/loss split — "we'll figure it out as we go" is the single most common source of partnership disputes this document exists to prevent.
• Be concrete in the withdrawal section about how a leaving partner's share gets valued and paid out — deciding this before anyone actually wants to leave is far easier than negotiating it in the moment.
• This template covers the standard sections a partnership agreement needs, but for anything beyond a simple two-person arrangement, or where real money is involved, it's worth having a lawyer review the final terms.

This template is a general starting point, not legal advice — customize it and have it reviewed for your situation.

Frequently asked questions

Do I need this if my partnership already has an LLC operating agreement?

An LLC operating agreement can cover much of the same ground for an LLC specifically. If you've already got one that addresses contributions, profit splits, and dissolution, you likely don't need a separate partnership agreement on top of it — use whichever document actually matches your business's legal structure.

Is an electronically signed partnership agreement legally binding?

Yes, under the U.S. ESIGN Act and state UETA laws, the same as any other contract.

What happens if we never signed anything and just started working together?

Many states default to treating an unwritten business arrangement between two people as a general partnership by law, typically with an even profit split and shared liability regardless of actual contributions — which is exactly the ambiguity this template exists to replace with clear, agreed terms.