As a minimum, the partnership agreement should include:
- How the business will be financed, and how much each partner will contribute.
- How profits will be shared, particularly if shares will be unequal.
- How decisions will be made and how disagreements will be resolved.
- What will happen if a partner wishes to leave the partnership.
You should use the preparation of the agreement as an opportunity to discuss broader issues, such as what your business strategy will be. You should also agree details such as holiday entitlements, whether you will employ members of your families, and so on.
