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A General Partnership Agreement ('the Agreement') is a contract between at least two persons who wish to manage and operate a business together with the goal of making profit, and where each partner will be personally responsible for the liabililties of the partnership.
A general partnership requires a minimum of 2 individuals for one to be formed. Each Partner has a share in the partnership's profits and losses and each Partner bears personal liability for the debt and obligations of the Partnership.
There are different types of partnership ventures in the UK, namely:
This document can be used for partnerships which are created in England and Wales, Scotland and Northern Ireland.
How to use this document
This document can either be created at the start of a new partnership venture or as the binding document of an already existing/operating partnership to help the partners clarify how the Partnership should operate. The Agreement will have clauses that address:
The Partners have the opportunity to choose whether a managing partner will be appointed to oversee the day-to-day running of the partnership, or whether such matters will be handled collectively by the partners. Upon the creation of the Agreement, all the Partners should sign and date the Agreement and also keep copies of the Agreement for their personal records. Additionally, each partner must have a witness who observes them signing the agreement. Any proposed changes to the Agreement by the Partners should be done in writing.
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