Partnership agreements are intended to be used by Parties intending to enter into a business partnership. The partnership agreement is used when certain tax or other benefits compel a partnership to be the business entity of choice.

The key terms of a partnership agreement include:
a. The respective rights and obligations of the partners;
b. The partner?s active participation obligations;
c. The partner?s initial and future contributions;
d. The partner?s profit and loss allocations.