Creating a partnership agreement is just one part of your new business. Depending on your local laws, you may have a few additional tasks to do before you begin business such as. 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. The principal place of business shall be at and any other place or places that may be mutually agreed upon by the Partners. There are certain elements it must contain. This includes how it runs and what each partner contributes to the business. A tax matters Partner can voluntarily withdraw from the position of tax matters Partner or can be appointed or replaced by a majority vote of the other Partners. In the event of a withdrawal of the tax matters Partner from the Partnership, the remaining Partners will appoint a successor as soon as practicable.