this documents helps to define how the partners involved with the agreement will manage the business as partners, what the partners have invested with the business, and how each partner will be paid. if you are building a business partnership, you should definitely come up with a partnership agreement. such elements are the following: the name of the business name should always be included in a partnership agreement or whatever business agreement there is. the business purpose should also be included in the business partnership agreement. you want to make sure that you are able to decide who will be doing what in the business. you should also outline how each of these properties will be used in the business.