- Percentages of ownership and distribution of profits and losses
- Description of management powers and duties of each partner
- Term (length) of the partnership
- How the partnership can be terminated
- How a partner can buy his/her share of the partnership.
A partnership agreement should be prepared by an attorney so as to include all important "what if" questions and avoid problems when the partnership ends.
Read more about all the terms a partnership agreement should contain in "Partnership Agreement Terms."