Partnership Agreement Forms
Forms for legal joint venture agreements
If you are embarking on a commercial enterprise as part of a team, partnership contracts are very important. The role of partnership agreement forms is to define who in the group controls and directs what interests, which assets belong to whom (and in what proportion), and how revenues and profits will be split up among the member parties.
Even though you may be able to get by with handshake agreements, especially in the early days of your enterprise, it is strongly recommended that you formalize the arrangement as soon as possible. Joint venture agreements protect every member of your partnered enterprise and explicitly state everyone's responsibilities, controlling interests, degree of ownership and compensation.
Common Partnership Contracts
Different partnership agreement forms are used in specific situations. Some of the forms you may need to consider include:
- Assignment of partnership interest. This form is used when an existing partner wishes to transfer his or her interests in the venture to another partner.
- Joint venture agreement. A joint venture agreement specifies the parties involved in a cooperative company and what each member's level of involvement is.
- Notice of withdrawal from partnership. If one party wants to leave the partnership, he or she is obligated to inform the other partners in writing. Then, severance packages can be agreed on and any remaining interests can be transferred to the remaining partners.
- Partnership amendment forms. If any changes need to be made to previously reached arrangements, a partnership amendment will be in order. These documents detail exactly what interests, assets and responsibilities are being shifted from one member to the others.
Given the expense involved with hiring an attorney to draft these types of agreements, it makes sense to use standard forms that are legally binding and applicable in your area. In any case, it is a good idea to have a lawyer look over any and all partnership agreements before officially signing and filing them; this will still come at a much lower cost than retaining a lawyer to actually draft the agreements from scratch.