General Partnership Agreement
For two people starting a business together as a general partnership who want their deal in writing: who contributes what, how profits are split, how decisions are made and what happens if someone leaves. It is not a substitute for forming an LLC or corporation.
- Fields
- 36
- Pages
- 4
- Paper
- Letter
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Reviewed
Before you start
What you need to fill it in
- Both partners' legal names and addresses
- Partnership name and principal business address
- Business purpose
- Each partner's capital contribution (cash, equipment, services)
- Profit and loss percentages
- Spending limit a partner can commit to without the other's consent
- Governing state
What's inside
36 fields, ready to fill
- 30Typed answersnames, addresses, descriptions
- 3Dateschecked as real dates
- 1Calculatedfill themselves from other fields
- 2Signaturessignature and initials
22 required — the editor counts down how many are left while you fill.
Instructions
How to fill out the General Partnership Agreement
- 1
Name the partnership
Enter the business name and address. If you trade under a name other than your own, you may need to register it locally.
- 2
Record contributions
List what each partner puts in and its agreed value. Non-cash contributions should be described specifically.
- 3
Set the profit split
Enter each partner's percentage. They should total 100 percent; the form adds them for you.
- 4
Set decision rules
Enter the spending limit above which both partners must agree.
- 5
Agree on exits and sign
Read the withdrawal and buyout clause together, choose the governing state, and both partners sign.
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What filling it looks like
- Edit & fill, Invite to sign and Create form are three modes of the same editor
- Amounts are formula fields: they calculate as you type
- The field navigator counts what's left and jumps to the next field
Shown with our invoice template. Sample content; names are fictional.
Written for: General (US)
This template is a general starting point, not legal advice. Laws differ by state and country; have a qualified professional review it for your situation.
Written by PDFBetter and last reviewed October 15, 2026. Spotted a problem? Tell us.
General Partnership Agreement: questions people ask
Do we need to file this agreement with the state?
Usually not. A general partnership agreement is a private contract. You may still need to register a trade name, obtain an EIN and get local licenses.
Are partners personally liable?
In a general partnership, each partner is generally personally liable for partnership debts, including debts the other partner incurs for the business. Many owners choose an LLC to limit this risk.
Should a partnership agreement be notarized?
Notarization is not usually required, but some partners notarize to make signatures harder to dispute. E-signatures are generally valid for this agreement under US law.
What happens if we never sign an agreement?
Your state's partnership statute fills the gaps, which often means equal profit sharing regardless of contributions. Writing your own terms avoids that default.
Does this work for more than two partners?
This layout is built for two. For three or more, add partner blocks with the editor and make sure the percentages still total 100.
Ready when you are
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