There are several areas to consider.
A good partnership agreement will provide a clear statement of what the partnerships' objectives are and how it will be managed. This should include what each individual's responsibilities are, how decisions will be taken and so on. Working through these issues, and preparing a written agreement, will help to minimise the risk of any subsequent dispute if partners disagree.
The partnership agreement should clearly spell out what capital each partner will contribute, how the partnerships' profits (or losses) will be shared among the partners, and how much money partners will be entitled to draw from the partnership.
The agreement should also include such issues as whether the partnership is intended to be indefinite, the arrangements for introducing new partners, and what will happen if a partner dies or wishes to resign.
