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A general partnership needs a written agreement covering who contributes what, how profits and losses are split, and what happens if the partnership ends — without one, state default partnership law (which often assumes an equal 50/50 split regardless of actual contributions) applies instead.
This generator creates a partnership agreement covering capital contributions, profit and loss allocation, management, and dissolution.
How it works
Enter both partners' names and addresses, the business name and purpose, each partner's capital contribution, and how profits and losses should be split. The generator produces a structured agreement with capital contribution, profit allocation, management, dissolution, and governing law clauses, ready to download as a PDF.
- Enter both partners' names and addresses.
- Enter the business name, purpose, and each partner's capital contribution.
- Set the profit and loss split between the partners.
- Generate the agreement and download the signature-ready PDF.
Examples
60/40 profit split
Two partners contributing different amounts of capital can still split profits 60/40 (or any ratio they agree on) rather than defaulting to an equal 50/50 split.
Who should use it
- Formalizing a new business partnership between two people.
- Documenting capital contributions and profit-sharing terms for an existing informal partnership.
Industry applications
- Small business formation
- Legal document preparation
Advantages
- Covers capital contributions, profit allocation, management, and dissolution in one document.
- Lets partners set a custom profit split rather than defaulting to state law.
Limitations
- A general template — complex partnerships (multiple partners, unusual profit-sharing structures) may need a custom-drafted agreement from a lawyer.
Common mistakes to avoid
- Assuming a partnership automatically splits profits according to capital contribution — without a written agreement, many states default to an equal split regardless of contribution size.
- Skipping a written agreement entirely because the partners are close friends or family — disputes are exactly when an agreement matters most.
Best practices
- Put the profit and loss split in writing even if it seems obvious at the start — circumstances and relationships change, and a clear written agreement prevents disputes later.
Tips
- A general partnership (unlike an LLC) typically exposes each partner to personal liability for the business's debts — consider whether an LLC or limited partnership structure might better protect personal assets before finalizing a general partnership.