General Partnership Agreement Template – Business Partner Contract, Profit Sharing, Capital, Management & Dissolution | PDF and Word

Establish clear expectations between business partners with this comprehensive General Partnership Agreement Template.
Designed for entrepreneurs, small business owners, startups, family businesses, and business partners, this customizable agreement provides a structured way to document ownership, capital contributions, profit and loss allocation, management responsibilities, partner withdrawals, dispute resolution, confidentiality, and other important terms of a business relationship.

The two-page template provides dedicated spaces for identifying the partners and establishing the partnership's name, business purpose, location, and duration.

WHAT’S INCLUDED
This General Partnership Agreement includes:
• Partner Names & Information
• Partnership Name
• Business Purpose
• Business Location
• Partnership Term
• Dissolution Terms
• Initial Capital Contributions
• Individual Capital Accounts
• Interest on Capital
• Ownership Shares
• Partner Income Accounts
• Salary & Distribution Terms
• Profit & Loss Allocation
• Partnership Banking
• Books & Records
• Management Responsibilities
• Partner Time & Effort Expectations
• Partner Withdrawal Procedures
• Death of a Partner Provisions
• Partner Removal Procedures
• Dispute Resolution
• Confidentiality Clause
• Customizable Non-Compete Provision
• Governing State Law
• Partner Signatures

PARTNERSHIP NAME, PURPOSE & TERM
Start your partnership with clearly documented business fundamentals.
Customize:

✓ Partnership Name
✓ Business Purpose
✓ Principal Business Address
✓ Partnership Start Date
✓ Partnership End Date
✓ Dissolution Conditions

CAPITAL CONTRIBUTIONS & OWNERSHIP SHARES
Document what each partner is contributing to the business and how ownership will be determined.
The agreement includes provisions for:

• Initial Capital Contributions
• Individual Capital Accounts
• Whether Interest May Be Collected on Initial Capital
• Method Used to Determine Ownership Shares

The ownership section can be customized to reflect your agreed method, such as ownership proportional to capital contributions.

INCOME, PROFITS & LOSSES
Put your financial arrangements in writing before disputes arise.
The template provides for separate partner income accounts and allows the partners to establish:

✓ Salary Arrangements
✓ Income Distributions
✓ Distribution Schedule or Method
✓ Net Profit Allocation
✓ Net Loss Allocation
✓ Monthly, Quarterly, or Other Accounting Schedule

MANAGEMENT & BUSINESS OPERATIONS
Establish how the partnership will operate on a day-to-day basis.
Customize:

• Partnership Bank
• Location of Accounting Books & Records
• Access to Business Records
• Management Structure
• Partner Duties
• Required Time or Effort From Each Partner

The agreement provides that accounting records remain accessible to all partners, helping establish expectations for transparency within the partnership.

PARTNER WITHDRAWAL
Plan ahead for what happens if one partner wants to leave the business.
The template allows you to establish:

• Required Withdrawal Process
• Buyout Procedures
• Whether Remaining Partners May Purchase the Departing Partner's Interest

DEATH OF A PARTNER
Document how a deceased partner's business interest should be handled.
The agreement includes a customizable provision allowing the partners to specify whether the interest will, for example, be distributed to heirs or purchased by the remaining partners.

PARTNER REMOVAL
Establish circumstances under which a partner may be removed.
Customize:

✓ Grounds for Removal
✓ Removal Procedures
✓ Conditions Such as Fraud or Other Misconduct

DISPUTE RESOLUTION
Create a predetermined process for handling disagreements between partners.
The template allows unresolved partnership disputes to be addressed using your selected method, such as arbitration, voting, or another agreed procedure.

CONFIDENTIALITY
Help protect sensitive partnership information.
The included confidentiality provision states that partnership information is confidential and may not be disclosed to third parties without unanimous written consent.

CUSTOMIZABLE NON-COMPETE PROVISION
The agreement contains a customizable restrictive covenant allowing you to specify a period during which a departing partner may not engage in competitive activities.
Because the enforceability of non-compete provisions varies significantly by jurisdiction and circumstances, this section should be reviewed carefully before use.

GOVERNING LAW
Customize the agreement for the state governing the partnership.
The template provides that the agreement is subject to the laws of the specified state and applicable federal laws.

PARTNER SIGNATURES
Finalize the agreement with dedicated fields for each partner's:
• Printed Name
• Signature
• Date

PERFECT FOR
• Small Business Partnerships
• Business Partners
• Startups
• Entrepreneurs
• Family Businesses
• Friends Starting a Business
• Two-Person Businesses
• Professional Partnerships
• New Business Ventures
• Partnership Buy-In Arrangements
• Business Co-Owners
• Partnership Planning
• Small Business Documentation
USE THIS TEMPLATE TO DOCUMENT
• Partner Contributions
• Ownership Percentages
• Business Purpose
• Profit & Loss Allocation
• Partner Distributions
• Banking Arrangements
• Management Responsibilities
• Partner Duties
• Access to Business Records
• Partner Withdrawal
• Buyout Procedures
• Death of a Partner
• Partner Removal
• Dispute Resolution
• Confidentiality Obligations
• Restrictive Covenants
• Governing Law
CUSTOMIZABLE FOR YOUR BUSINESS
Personalize the agreement with your:
• Partner Names
• Business Name
• Business Purpose
• Business Address
• Partnership Duration
• Capital Contributions
• Ownership Structure
• Distribution Schedule
• Profit & Loss Arrangements
• Bank Information
• Management Structure
• Partner Responsibilities
• Withdrawal Procedures
• Buyout Terms
• Removal Conditions
• Dispute Resolution Method
• Non-Compete Period
• State / Jurisdiction

DIGITAL DOWNLOAD
This is a digital product. No physical item will be shipped.
Your purchase includes a customizable 2-page General Partnership Agreement in PDF and Word formats.

Download the files, complete the bracketed placeholders with the terms agreed upon by the partners, and have all parties carefully review the completed agreement before signing.

IMPORTANT PARTNERSHIP & LEGAL DISCLAIMER
This template is provided for general informational and document-preparation purposes only. It does not constitute legal, tax, accounting, financial, or business-formation advice.
Signing a partnership agreement does not necessarily satisfy all requirements for forming, registering, licensing, or operating a business in a particular jurisdiction. Depending on the business and location, additional registrations, tax accounts, licenses, permits, assumed-name filings, or other documents may be required.

The agreement contains customizable provisions involving ownership, capital contributions, distributions, profits and losses, partner withdrawal, buyouts, death, removal, arbitration, confidentiality, and non-compete restrictions that can have significant legal and tax consequences.

In particular, non-compete restrictions are limited or prohibited in some jurisdictions and may not be enforceable simply because they appear in a signed agreement. The withdrawal, death, and removal provisions should also be customized to establish a sufficiently detailed process for valuing and transferring a partner's ownership interest.

Consider having a qualified attorney and tax professional review the completed agreement based on your specific business structure and jurisdiction before signing.

Due to the nature of digital products, all sales are final.