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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.
Once the decision is made to start a business together, you should create a partnership agreement with help from a lawyer and an accountant. Take this step no matter who your partner is.or instance, it can state that the other partner must buy him or her out for a prenegotiated percentage of the businessâs value. If neither partner wants to continue the business, partners can also liquidate and divide all assets.