A Partnership Agreement is a legal contract which establishes the roles of each partner in a business relationship. A partnership agreement allows you and one or more parties to outline all of the details of the new partnership. In the final stage, you need to pick the law which will govern the agreement and get it signed by the relevant authorities. The future of the partnership business must be explained by explaining the process of admitting new partners. Also, you must mention what will happen if the partner dies or withdraws from the partnership. In addition to this, these rules make easier for you to function. They also let you plan out other things as well. Legal Templates LLC is not a lawyer, or a law firm and does not engage in the practice of law. Legal Templates cannot and does not provide legal advice or legal representation. You must be logged in to comment. Click the "Log in With LinkedIn" button below to connect instantly and comment.