How to Write a Partnership Form

Video Transcript

"You and a business associate have decided to go into business together in a partnership and so you'd like to know what's involved in writing a partnership form. Hello I'm Robert Todd and I'm here to answer questions. How do I write a partnership form? Well to begin with, a partnership form is generally known in the legal terminology as a partnership agreement and unless you have been involved with the drafting of a partnership agreement previously either one for yourself or you were somehow involved we don't recommend that you try to write a partnership agreement yourself. It is generally best to hire the assistants and the lawyer that specializes in these types of agreements. First of all it is going to designate who the partners are, what they're respective responsibilities and liabilities are going to be, what happens with regard to their share of income, what happens with regard to their share of losses and if the partnership is to dissolve, what happens with respect to what their obligations are going to be. So again unless you have done this before and feel comfortable doing it we strongly recommend that you seek legal council to do it for you. I'm Robert Todd and thank you for watching."