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. 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. No Partner will engage in any business, venture, or transaction, whether directly or indirectly, that might be competitive with the business of the Partnership or that would be in direct conflict of interest to the Partnership without the unanimous written consent of the remaining Partners. Any and all business, ventures, or transactions with any appearance of conflict of interest must be fully disclosed to all other Partners. The steps are as follows –. Thank you for sharing all of this wisdom to everyone who needs it.