It is an agreement describing the various terms of the Partnership between the partners. This is a legal document which essentially contains important information like Percentage of ownership, distribution of profits and losses, description of each partner’s role in the business and management powers that are shared between the partners. This agreement contains all the answers to the questions like “What if?” in a business. As it is said, “Being safe is always better than being sorry”, so it is always better to think about the legalities, terms and conditions of your partnership and get that documented and signed by the partners instead of blindly trusting your partners and getting bluffed afterwards.
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