A general partnership is a formal agreement between two or more parties to operate a business together and share profits, losses, and liabilities. The contract should define the terms of the partnership and specify how the profit will be shared. One thing to note is that a general partnership does not form a separate legal entity from its owners.
There are three main types of partnerships namely general, limited, and limited liability partnerships. The type of partnership could create different impacts on your taxation, management structure, financing options and more. This template is created for general partnership
A partnership is created when any two or more individuals or parties decide to start a business for profit together. Since there is no formal registration process, a written General Partnership Agreement is a good tool to showcase and prove a clear intention to form a general partnership. It also clarifies the details to safeguard partners’ rights.