Partnership agreement template

Starting a business with a partner can be exciting, but it also comes with legal and operational risks. Without a detailed partnership agreement in place, it's easy to encounter issues later, such as disagreements over capital contributions, confusion about ownership interests, decision-making authority, or procedures for a partner's withdrawal. These issues can slow your progress or damage your business relationship.

Our partnership agreement template helps you establish clear expectations from the outset. In this article, you'll learn what a partnership agreement is, the types of partnerships you can form, and what to include in your agreement. Whether you're launching a new company, forming a limited liability partnership, or formalizing an existing collaboration, this template guides you through the essentials, including profit-sharing, dispute resolution, and partner roles.

What is a partnership agreement?

A partnership agreement is a legal document that defines how two or more people will share ownership, responsibilities, and profits in a business. It covers key terms such as each partner's financial contributions, decision-making authority, the dispute resolution process, and what happens if a partner exits.

Without a written agreement, your partnership defaults to your state's general partnership laws, which may not reflect what you and your partners actually agreed to. A partnership agreement puts your shared expectations in writing so everyone is aligned from the start. It also protects your interests if disagreements arise or a partner decides to leave.

Whether you're starting a two-person consulting firm or a multi-partner real estate venture, a partnership agreement gives your business a clear foundation. It's one of the most important steps you can take before you begin working together.

Types of partnership agreements

The type of partnership you form affects everything from personal liability to tax obligations. Here are the most common structures:

• General partnership (GP): All partners share equal responsibility for managing the business and are personally liable for its debts. This is the simplest structure and doesn't require formal registration in most states.

• Limited partnership (LP): This structure includes at least one general partner who manages the business and one or more limited partners who contribute capital but have limited involvement in day-to-day operations. Limited partners are only liable up to the amount they invest.

• Limited liability partnership (LLP): All partners have limited personal liability, meaning one partner's actions typically don't put the others'personal assets at risk. LLPs are common among professional service firms, such as law firms and accounting firms.

• Limited liability company (LLC): While technically a different business structure, multi-member LLCs often use operating agreements that function similarly to partnership agreements. LLCs offer liability protection for all members.

Choosing the right structure depends on your goals, risk tolerance, risk mitigation needs, and how involved each partner will be. Your partnership agreement should clearly state which type of entity you're forming, as this shapes clauses around liability, taxes, and decision-making authority.

Who benefits from partnership agreement templates?

We once worked with a small business team that encountered significant roadblocks after expanding their partnership. They had never formalized their arrangement in writing, which led to disputes over profit sharing, responsibilities, and ownership interests. Using our partnership agreement template helped them document their expectations, get everyone on the same page, and regain momentum.

This template is useful for a range of professionals and business types, including:

• Small business owners and startups entering into a general partnership

• Real estate investors forming joint ventures

• Law firms creating templates for clients

• Project managers coordinating multi-party agreements

• Professional service providers formalizing LLP arrangements

When you're defining initial contributions, clarifying roles for new partners, or planning how to resolve disputes through arbitration, this partnership template keeps your business partnership agreement structured and easy to reference.

What to include in a partnership agreement

A strong partnership agreement covers the details that matter most to your business relationship. Here are the key elements you should address:

• Partnership name and business details: Include the legal name of the partnership, its principal place of business, and the purpose of the business.

• Partner information: List each partner's full legal name, role, and contact information.

• Capital contributions: Document what each partner is contributing, whether it's cash, property, equipment, or expertise, and how those contributions affect ownership percentages.

• Profit and loss distribution: Specify how profits and losses will be divided among partners. This doesn't have to be equal, but it needs to be agreed upon in writing.

• Roles and responsibilities: Define who handles what in day-to-day operations to avoid confusion about authority or workload.

• Decision-making process: Outline how decisions are made, whether by majority vote, unanimous consent, or designated authority on specific matters.

• Dispute resolution: Describe how disagreements will be handled, such as through mediation, arbitration, or legal proceedings.

• Withdrawal and exit terms: Include provisions for what happens if a partner leaves, retires, or passes away. Cover buyout terms, notice requirements, and the remaining partners' next steps.

• Duration and dissolution: State whether the partnership has a set end date or continues indefinitely, and outline the process for dissolving the partnership if needed.

• Governing law: Identify the state whose laws will govern the agreement.

Covering these elements upfront helps you avoid misunderstandings and gives every partner a clear reference point as your business grows.

Why use the Asana partnership agreement template

A team at Asana recently used this template to help manage a cross-functional partnership with an external vendor. Instead of exchanging versions via email, they used a shared Asana project, added comments, and reached consensus quickly.

With our business partnership agreement template, you can start with a professionally structured outline and adapt it to your specific business relationship. Built into Asana, the template is easy to assign, share, and track. You can document each partner's name, ownership percentage, and capital account setup without toggling between platforms.

Here's why this template works:

• Start with a legally informed basic partnership agreement template.

• Track updates and comments in real time.

• Add tasks for partner signatures and follow-ups.

• Customize sections like governing law, written consent, and end date.

• Link related projects or documents, like equity breakdowns or meeting notes.

Asana documentation features

Features in Asana help you turn your partnership contract into a live, collaborative workspace. You can store attachments, assign tasks, and track decisions without losing context. We've included some of our favorite documentation features in your partnership agreement template, but you can review the complete list of Asana features here.

Task Assignments

Keep every stakeholder accountable by assigning tasks like "Review partnership clause" or "Add ownership interests section." When setting up a new general partnership, for instance, you can delegate the task of defining each partner's share and responsibilities. Assigning well-defined roles helps ensure no section gets overlooked during drafting or legal review.

Custom Fields

Add fields for each partner's interests, contributions, or fiscal-year alignment. Custom fields allow you to filter or group tasks by ownership stakes or by whether a clause requires unanimous consent. For example, you can tag a clause as "Requires Legal Advice" or "Pending Partner Approval" to simplify handoffs and reduce delays.

Approvals

Use the Approvals feature to streamline feedback on sections like dispute resolution or waiver clauses. You may request approval from a legal representative for language related to governing law, and then set up a follow-up task once that section is approved. With each signoff captured in one place, it's easier to confirm alignment across your team and legal contacts.

Timeline View

Map out key deadlines for drafting, partner reviews, and final signatures using Timeline View. This layout is handy when coordinating with multiple partners and external advisors. For instance, you could visualize a two-week timeline from initial draft to notarized final document and make real-time adjustments if someone's input is delayed.

Comment Threads

Keep feedback contextual by adding comments directly to relevant tasks. Instead of emailing about changes to the entire agreement, you can ask a question right within the task for the "Capital Contributions" section. Comments stay attached to the work itself, making it easier to follow conversations and decisions.

Attachments

Upload drafts, scanned agreements, or supporting legal resources to relevant tasks. For example, if you're working on a real estate partnership, you can attach property valuations or zoning documentation directly to the task for the "Place of Business" clause. Having all files in one place prevents version confusion and lost documents.

Recommended integrations

App integrations help you connect Asana to tools you already use for communication, collaboration, and documentation. These apps simplify the process of creating a strong business partnership agreement.

Browse through the Asana app integration gallery for a complete list of platforms we support.

Google Drive

Store working drafts, ownership spreadsheets, or legal templates in a shared Google Drive folder. You can link specific Drive documents to the corresponding task in your agreement workflow. For example, a partner contribution tracker in Sheets can live right next to the task on capital accounts for quick reference.

Slack

Keep your team updated instantly by syncing Asana and Slack. When someone comments on the "Dispute Resolution" clause or completes their review of the "Partner Withdrawal" section, you can get real-time notifications in a shared channel. Slack helps reduce back-and-forth emails and speeds up feedback loops.

Dropbox

Use Dropbox to back up your signed partnership agreement and any associated documents, such as financial audits or historical versions of the contract. You can also link Dropbox files to the "Legal Clauses" or "Final Review" tasks, allowing legal teams to access everything in one place.

Jotform

Use Jotform to collect structured information from new or existing partners. A form might request a partner's name, contact details, initial contributions, and preferred methods of dispute resolution. Submitted forms appear directly in Asana and can trigger tasks like "Review Partner Submission" or "Add to Agreement Draft."

How to use this partnership agreement template

We created this partnership agreement template to be customizable and user-friendly. You can keep everything in one place, including signatures, edits, and legal input.

If you have additional needs, exploring Asana's template library can transform your business workflows, making them more efficient and easier to manage.

Step 1: Define the partnership type

Start by defining what kind of partnership agreement you're creating. Is it a general partnership, limited liability partnership (LLP), or limited liability company (LLC) structure? Identifying this will shape how you address matters such as tax obligations and day-to-day decision-making authority for the partnership.

Use the Tasks tab in the template to create a checklist for identifying your partnership type. You can assign someone to research local laws or upload reference documents via the Files tab, keeping all information accessible to collaborators.

Step 2: Fill in partner details

Include each business partner's name, role, and initial contribution to the partnership. You can also record details such as partnership interest, ownership percentages, capital contributions, and how you'll divide partnership income.

Use the "Capital Contributions" task column to document each partner's financial or asset-based input. Create subtasks to review ownership stakes and set up each capital account. The Comments tab lets you tag partners for feedback or approval.

Step 3: Outline responsibilities and processes

Label sections to define each partner's responsibilities and the decision-making process. Specify how decisions are made (e.g., majority vs unanimous vote), and how to handle conflicts. You might include a section on dispute resolution, such as arbitration or legal mediation.

Break these items into individual tasks, such as "Define voting thresholds" or "Document dispute resolution approach," and assign each one to a specific partner or legal contact. Use the Discussions tab to centralize feedback and keep all of the general partners on the same page.

Step 4: Add legal clauses and conditions

Most legal documents include language such as "in witness whereof" or terms governing law. With this template, you can customize these sections for your region or industry. You may also want to include language regarding partner withdrawal, written notice, or the admission of new partners.

Use the "Legal Clauses" tab to navigate core sections such as jurisdiction, waiver clauses, or partner exits. Attach documents, such as reference agreements or external guidance, under the Files tab for easy access by all reviewers.

Step 5: Finalize and share for review

Once all sections are complete, assign a task to each partner for review and approval. Add a task for any legal representative or law firm that needs to review it. When ready, you can track written consent, get approvals, and store the agreement in your workspace.

Use the Approval column in the right-hand task pane to formally request signoff. You can add due dates for final reviews, link to the final version in the Attachments tab, and view all pending approvals in the Review Status tab at the top.

Step 6: Track changes and updates over time

Even after signing, your general partnership agreement may need updates. Use Asana's template to keep a clear version history, track revisions, and maintain a risk register for legal or operational changes.

Create a "Version History" task to log changes with timestamps and authors. You can add a subtask each time a clause is updated and tag relevant team members to confirm changes. Use the Comments and Files tabs to keep all documentation in one centralized location.

Create your partnership agreement today

A well-structured partnership agreement protects your business, clarifies expectations, and gives every partner a shared reference point. With this free template, you can define roles, document ownership stakes, and outline the terms that matter most to your partnership, all in one collaborative workspace.

Ready to get your partnership on solid footing? Get started with Asana and use this template to build an agreement your team can edit, share, and manage together.

FAQs about partnership agreement templates