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Here are some of the key provisions in a Partnership Agreement: 1  Partnership name. 2  Business address. 3  Names of Partners. 4  Effective date of agreement. 5  Primary purpose of partnership. 6  Voting requirements for partnership decisions. 7  Specify how costs will be shared among the partners. 8  Specify how profits will be shared among the partners.
For example, if a partnership defaults on a payment to a creditor, the partners' personal assets are subject to attachment and liquidation to pay the creditor. By default, profits are shared equally amongst the partners. However, a partnership agreement will almost invariably expressly provide for the manner in which profits and losses are to be shared. Each general partner is deemed the agent of the partnership.