Subject to the other provisions of this Agreement, the net profits and losses of the Partnership, for both accounting and tax purposes, will accrue to and be borne by the Partners in equal shares (the "Profit and Loss Distribution"). 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. This nightmare scenario is the while reason partnership agreements exist. A partnership agreement is, essentially, a legal document laying out the tenets of a business partnership. We’ve already done the research so you don’t have to. Any of the Partners will have the right to request an audit of the Partnership books. The cost of the audit will be borne by the Partnership.