this partnership agreement can be used to draft for establishing a general partnership for three parties under the law of a specified jurisdiction. this is subject to the indemnifying partner indemnifying the other partner to its satisfaction against all losses, liabilities, costs, damages thereby incurred or to be incurred. the draft budget and updated business plan shall be submitted to the partnership board for approval not less than 45 business days before the start of the following accounting period. in any event, the draft budget and business plan (in each case with such amendments as the partnership board may agree) shall be adopted by the partnership board before the start of the relevant accounting period.

this partnership agreement is suitable either for the establishment of a new partnership or for formalising an existing partnership of three partners. if you want a limited liability partnership (llp) agreement, use our document a152  to record the terms agreed between the partners. unlike a limited company, a partnership has no articles of association so the way it is owned and managed needs to be agreed by the partners. if you have any questions about a contract and/or want to see these notes before you buy, please let us know by using our contact form  yes. contractstore supplies templates and is not a law firm. so, we can arrange legal assistance for customers who need special terms in one of our documents or a bespoke template.