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Allow me to share with you these 17 Free Partnership Agreement Templates in MS Word and PDF format to help draft your own Free Partnership Agreement Templates. You can also download our Roommate Agreement Templates and Relationship Agreement Templates.

A partnership agreement template is very helpful for partners when they are about to start their business. It is also helpful for the partners for future transactions. It helps the partners to share the profits from their business. Many times two or more partners form a partnership. It is less probable that only a single individual could run a huge business or company alone.

Why we Need a Partnership Agreement?

Whenever you form a new partnership, then some basic issues arise. These issues include partners’ responsibilities to each other and to the business as a whole. Sometimes other partners have other interests than those of the other partners. There may be disagreements over issues such as business management or certain contracts. There are many other duties that come with partnership agreements.

 

Partnerships create several types of entities. In most cases, all the partners involved will form one corporation or LLC. But the nature of the partnership may vary from one type of entity to another. For instance, some partnerships will end up as joint ventures or may become a limited liability company (LLC). All these create different types of entities for which there are specific responsibilities and liabilities.

 

Partnerships also need a written partnership agreement, which spells out all the partnership duties and liabilities. This agreement is referred to as the partnership agreement. There is usually a standard form of this agreement that one can use. The partners should use an attorney or some professional to draft the partnership pact. This is because laws regarding writing these documents vary greatly from state to state.

How to Design a Partnership Agreement?

Business enterprises often select a standard partnership agreement template for their own use. They can modify it to meet their specific needs. Many choose to customize their own partnerships. So, they can meet their business needs, but it’s not necessary to do this. Some businesses choose to obtain a free template for their use. So, they can adapt it to their own needs, though some partnerships already have templates readily available. If a business utilizes a free template, it should make sure that everyone involved has read it.

 

Partnerships have different responsibilities according to the type of agreement. Most commonly, these agreements will detail the general partnership duties, and identify who is responsible for what. For instance, in a general partnership, all the partners are jointly and severally liable for the debts. In addition to this, the partners are jointly and severally liable for the performance of business activities. It includes the debts of other partners, as well as for the performance of their duties. Other types of partnership agreement templates include limited liability partnerships (LLPs), limited liability companies (LLCs), and partnership dissolutions.

How to add a new Partner in Partnership?

When a new partner joins a partnership, a standard agreement is necessary to detail new partner obligations and liabilities. The new partners must confirm that they understand all the legal document terms and conditions of the partnership agreement. Once the new partner has joined, he or she is also liable for all the debts. This means that the new partners should consult with their lawyers regarding the exact way the partnership agreement. They should modify the agreement to reflect their specific legal situation. Each partner must understand their responsibilities and liabilities in order to avoid costly disputes later on.

 

Every business structure has unique responsibilities and liabilities. The partnership agreement must clearly identify the liability of each partner and establish separate accountability on their part. Depending on the type of business structure, partners may be individually responsible for their share of the debt. They can also share their responsibility for the expenses incurred by the LLC. All business partners must agree on the exact way to adjust the liabilities and shareholdings of the partnership.

17 Free Partnership Agreement Templates:

01. This is a simple partnership agreement template. Meanwhile, this template allows both partners to work together on a projector in the same field. It schedules the use of assets of both companies for mutual benefit. This template does not allow any partner to disclose confidential information publically. It forms a trust between the partners to work together. However, this template creates ease because it divides the workload, stress, profit, and loss.

Partnership Agreement Template 01

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Smart Partnership Agreement

02. It is a smart partnership agreement template. In short, you can use this template to form a partnership. It forms a general partnership between two businessmen. This template schedules some terms and conditions between the partners. Further, it reduces the risk of conflicts. This template allows both parties to work effectively. However, this template secures both parties and their assets during the period of partnership.

 

 

 

Partnership Agreement Template 02

Lawdepot.com

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Long-Term Partnership Agreement

03. This is a long-term partnership agreement template. Meanwhile, this template defines the objectives and values of partnership in a well-managed way. It forms a strong bond between the partners. This template allows them to utilize each other’s assets for mutual benefit. Therefore, you can use this template to form a secure and strong partnership.

 

 

 

Partnership Agreement Template 03

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General Partnership Agreement

04. It is a general partnership agreement. In short, you can use this template to form a business partnership. This template the responsibilities of each partner in an efficient way. You can use this template in the sale, lease, and purchase of the property. However, it allows all the partners to take legal action in the case of any penalty.

 

 

 

 

 

Partnership Agreement Template 04

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Volunteer Partnership Agreement

05. There are a lot of templates but this one is a volunteer partnership agreement. Meanwhile, it defines a set of rules for engaging in a partnership voluntarily. Further, this template defines the duration, roles of each partner, and their responsibilities. It also schedules the profit and loss. However, you can modify this template according to your wish.

 

 

 

Partnership Agreement Template 05

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General Partnership Agreement

06. It is another general partnership agreement. In short, this template records all the information in a sequence for a good understanding. It schedules the capital contribution, duration, purpose, and profit and loss. Further, this template forms a strong trust between the parties. Both parties need to read the terms and conditions of this agreement.

 

 

 

 

Partnership Agreement Template 06

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Flexible Partnership Agreement

07. Here this template for two or more two partners. Meanwhile, you can use this template to form a partnership between two or more two parties. It schedules the use of resources, assets, manpower, and capital for a mutual benefit. This template defines everything in a well-managed way. However, you can make changes to this template according to your requirement.

 

 

 

Partnership Agreement Template 07

Source By: jotform.com

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Efficient Partnership Agreement

08. This is an efficient partnership agreement. In short, this template forms equality between both partners. It schedules everything according to the benefit of both parties. It divides the profit and loss equally. This template secures both parties. It allows both parties to take legal action in the case of a penalty. You can download this template easily from here.

 

 

 

Partnership Agreement Template 08

Dosmallbizmesa.com

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General Partnership Agreement

09. It is another elegant general agreement template. Meanwhile, you can use this template to form a partnership to complete a contract. This template schedules the responsibilities and the tasks of each partner. Further, it allows both partners to use the resources of each other for mutual benefit. It saves the time, cost, and effort of both partners.

 

 

 

Partnership Agreement Template 09

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Descriptive Partnership Agreement

10. This is a descriptive partnership agreement. In short, this template defines the purpose of the partnership in a well-managed way. this is a long agreement and it schedules all the terms for working together. It does not allow any partner to disclose confidential information to each other. However, both parties need to read the terms and conditions of this agreement before signing it.

 

 

 

 

Partnership Agreement Template 10

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Joint-Venture Partnership Agreement

11. There are a lot of templates but this one is a joint venture agreement. Meanwhile, you can use this template to form a joint venture partnership for the completion of a project. This template allows you to form a partnership for a specific period of time. It allows you to complete the project with a partner. By doing this, you will become able to complete the project within the deadline.

 

 

 

Partnership Agreement Template 11

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Simple Partnership Agreement

12. It is a partnership agreement for universities. In short, the template defines a set of rules for forming a partnership between the universities. This template allows two universities to work on the same project. It is very necessary for both parties to read the terms and conditions of this template.

 

 

 

Partnership Agreement Template 12

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Community-based Partnership Agreement

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Partnership Agreement Template 13

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Financial support Partnership Agreement

14.

 

 

 

Partnership Agreement Template 14

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Detailed Partnership Agreement

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Partnership Agreement Template 15

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Project Partnership Agreement

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Partnership Agreement Template 16

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Non-Profitable Partnership Agreement

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Partnership Agreement Template 17

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