Question

partnership agreement in written form.

Answer 1

Answer:

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Answer 2

Partnership Agreement

Explanation:

• Partnership agreements are written papers that spell out the business partners' relationship as well as their respective responsibilities and contributions to the partnership.
• A partnership deed is a written document that contains the terms and conditions agreed upon by the partners.

• Name of your partnership

.One of the first things you and your partner must agree on is the name of your firm, which may seem obvious.

• Contributions to the partnership and percentage of ownership.

Make a list of the precise contributions you and your company partner will make.

You must also decide on the percentage of ownership, which is normally determined by each partner's contributions to the business.

• Division of profits, losses and draws

While Partners can opt to split profits and losses based on their ownership percentages, or earnings and losses might be shared equally among all partners regardless of ownership holding.

• Partners’ authority.

The partnership agreement should define partnership authority, often known as binding power.

• Withdrawal or death of a partner.

The agreement should also spell out the business's valuation procedure and/or any criteria for keeping a life insurance policy with the other partner named as the beneficiary.