A Partnership Agreement is a contract between two or more individuals who would like to manage and operate a business together in order to make a profit. Each Partner shares a portion of the partnership's profits and losses and each Partner is personally liable for the debt and obligations of the Partnership. 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. Some use a voting system where every partner has a say. There are several systems you can use. Failure to comply with any of the terms of this clause will be deemed an Involuntary Withdrawal of the offending Partner and may be treated accordingly by the remaining Partners. If you want something different than your state’s de facto laws, an agreement allows you to retain control and flexibility on how the partnership should operate.