and whereas both the parties of the first part and second part are entitled to enter into partnership with any person or persons including a company for carrying on the business authorised by their respective memorandum of association. 1.      the parties hereto agree to carry on the business hereinafter mentioned in partnership on the terms and conditions herein mentioned, in the name and style of m/s……………….. 2.      the partnership shall commence from the … day of… and the period of the partnership shall be for a period of ten years from the date hereof. 6.      the net profits and losses of the firm will be shared by the partners hereto in equal shares or proportion.

a general partnership agreement is the key agreement between the partners that dictates the general aspects of how the partnership will be run. on the first step you will enter the partnership’s name, the effective date of the agreement, and the partnership’s business purpose and address. for instance, you might say your purpose is “the manufacture and sale of wood products and related goods.” the agreement automatically says that your business purpose also allows you to “do all other lawful things to further its business purpose and conduct any other type of business that the partners may agree on from time to time.” however, remember that you can always amend your general partnership agreement in the future if need be. if one hasn’t been established yet, you can use the address of one of the partners. the total initial capital is how much money the partners are investing in the partnership to begin operations.