When starting a partnership, it is crucial to have a written agreement between partners. A partnership agreement outlines the roles, responsibilities, and expectations of each partner, as well as how the business will be managed and maintained.

Here are some key components that should be included in a partnership agreement:

1. Business structure and ownership: The agreement should clearly state the type of partnership, whether it is a general partnership, limited partnership, or limited liability partnership. It should also outline the percentage of ownership each partner has in the business.

2. Roles and responsibilities: Each partner`s role and responsibilities should be clearly defined. This includes details such as who will handle finances, who will be responsible for day-to-day operations, and who will make major decisions.

3. Profit and loss distribution: The agreement should specify how profits and losses will be allocated among partners. This can be based on ownership percentage or other agreed-upon factors.

4. Capital contributions: Partners should outline how much capital they will be contributing to the business and when those contributions are due.

5. Decision-making process: The agreement should outline how decisions will be made within the partnership. This includes who has the final say in major decisions and how disputes will be resolved.

6. Management structure: If there will be a management structure within the business, it should be clearly defined in the agreement.

7. Exit strategy: The agreement should outline what will happen if one partner wants to exit the partnership, whether through retirement, sale of their share, or other reasons.

A well-written partnership agreement can help prevent misunderstandings and disputes between partners, and can also provide a roadmap for the business to follow. It is important for partners to work together to draft a thorough and comprehensive agreement that addresses all aspects of the partnership.

In conclusion, a written agreement between partners is essential for the success of any partnership. By clearly outlining roles, responsibilities, and expectations, partners can work together to build a strong and successful business.