Authority ascribed to partners – The default arrangement in a partnership agreement is that any partner can form a binding agreement for the whole partnership. If you don’t want this to be the case, you need to lay it out explicitly in your agreement. 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. "Your site contains the best forms available. As an attorney that practices for many clients, your site is great.". Now that you have read the default rules for the partnership business, it is time to meet your partners and discuss important things. You need to discuss about the purpose of the business and identity the start up cost to start the business. The person responsible for the decision making must also be discussed among all of you. Such matters must be discussed among partners to avoid future issues.