How Do You Write A General Partnership Agreement

This contrasts with a company where income is taxed at two levels: first as a company, and then at the shareholder level, where shareholders are taxed on all the dividends they receive. For example, standard state rules often hold that each partner has an equal share of the partnership, although they may have contributed to different sums of money, property, or times. If you want something other than the norm, this contract allows you to fairly distribute the gains and losses among the partners, according to the contributions of each partner or according to your own percentages. In order to avoid conflicts and maintain trust between you and your partners, you should discuss all business goals, each partner`s level of commitment, and salaries before signing the agreement. .