Creating a business partnership agreement is a necessity for a small business with multiple owners. The agreement will cover the good times and bad times in your business. 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. a statement of all information as will be necessary for the preparation of each Partner's income or other tax returns;. In a general partnership, all of the partners are on equal footing. They have equal rights and responsibilities, and each individual partner can act on behalf of the agreement as a whole. This liability will not entitle the lending Partner to any increased share of the Partnership's profits nor to a greater voting power. Such debts may have preference or priority over any other payments to Partners as may be determined by a majority of the Partners.