A partnership agreement is very detailed. It must cover every area of your business. 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 the final stage, you need to pick the law which will govern the agreement and get it signed by the relevant authorities. Our documents are routinely reviewed by attorneys and most importantly get the job done in court. At Template Legal, we pride ourselves on efficiency and success. What’s more, it makes it more likely that things will go awry, as you have not drawn up the rules of partnership yourselves. In business arrangements, and in fact many areas of business, it is always best to err on the side of micromanagement. The Managing Partner will not be liable to the remaining Partners for any action or failure to act resulting in loss or harm to the Partnership except in the case of gross negligence or willful misconduct.