Tips on updating your Partnership Agreements

❑ Business Name(s) and Purpose

❑ Decide which Partner is going to be responsible for different parts of business

❑ Are partners expected to work set hours?

❑ Does one partner plan on working more or less than the other partners?

❑ How much vacation is allowed?

❑ Will this be a full time role for each partner or are partners allowed to conduct other types of business?

❑ If so then what types of business are they allowed to conduct?

❑ List partner cash contributed to business:

❑ List partner property (both physical and intellectual) contributed:

❑ How can this property be used by the business?

❑ Will partners receive a salary? If so how much and when.

❑ If a partner is taking less salary will this be made up in the future?

❑ Do you plan on reinvesting profits back into the business?

❑ If so at what point do you plan on taking out profits?

❑ How and when will profits be divided up amongst the owners?

❑ How will losses be handled?

❑ Decide on ownership splits

❑ Does the partner have the ability to sign contracts?

❑ Can the partner make purchases without consulting the other partners?

❑ What happens if a partner dies or becomes disabled?

❑ What happens if a partner wants to leave the partnership and pursue other interests?

❑ Under what circumstances can a partner be forced to leave the business?

❑ If the partners do not agree how is the final say handled?

❑ Process for bringing on new partners?

❑ Selling the business?

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