business partnerships can exist in a variety of formats. when businesses join forces to create a partnership the objectives may be different but the same rules apply. one of the most important is a partnership agreement that defines and structures the relationship in a way that suits both businesses. the partnership can range from a permanent agreement to a short-term joint venture that ends once the partnership achieves its main objectives. most often, each business brings differing qualities to the table, and the agreement must be structured in a way that fairly values these different contributions. there is no standard format and there are no required inclusions, which can make a complex partnership agreement difficult to construct.