if you’re starting a business with one or more partners, you want to get on the same page and be clear upfront about how the business is going to operate—and how you’ll share the money you make. the purpose of a partnership agreement is to get in writing answers to common questions that could arise in the business, so you and your partner(s) don’t find yourselves at odds down the line. a partnership agreement lays the foundation for success in a business. there will always be disagreements and difficult decisions in the life of a business. whether you classify your business as a partnership or a corporation determines how you’ll be taxed and how much liability you have in the business.
a corporation, in contrast, is a business entity that’s created by filing paperwork with the state. owners aren’t personally liable for a corporation’s business debts, and they may receive a salary as an employee of the corporation. at a minimum, your partnership agreement should include clauses to address: a partnership agreement and an operating agreement are very similar in what they define: ownership and investment stakes, division of profits and losses, and so on. you can find partnership agreement samples, templates and guidance through your state’s bar association’s website, through the small business administration resource score, or from private companies such as rocket lawyer and legalzoom. jane haskins practiced law for 20 years, representing small businesses in startup, dissolution, business transactions and litigation. in that role, he was responsible for writing, editing, and strategizing content geared toward small business owners.
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