Discuss the items included in partnership agreements

What will be an ideal response?

The items typically included in partnership agreements are:
a. name and address of the partnership;
b. name and address of the partners;
c. purpose of the partnership;
d. duration of the partnership;
e. amount and type of the investment of each partner (for example, cash, realty, or services);
f. loans to the partnership;
g. how profits and losses are to be shared;
h. management and voting power of each partner;
i. method of settling disputes that should arise;
j. cross-insurance of partners;
k. duties of each partner;
l. how the books are to be set up and maintained;
m. banking arrangements — who has the authority to deposit and withdraw;
n. who has the authority to borrow money in the name of the partnership; and
o. who does the hiring and firing of employees.