Partnership Agreement (General)
A Partnership Agreement (General) governs the relationship between all the partners involved in your business.
Last updated October 23, 2025
Suitable for Australia
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Who is a partnership agreement suitable for?
Who is a partnership agreement suitable for?
This partnership agreement is designed for individuals forming a general partnership in Australia, where two or more people run a business together and share profits.
It's not suitable if any partner is a company, since that needs a different agreement structure. If you and your co-founders are all individuals starting a business together, this covers the relationship between you.
Does a partnership agreement have to be in writing?
Does a partnership agreement have to be in writing?
No, a partnership agreement doesn't legally have to be in writing, and a verbal or even implied agreement based on how you're operating can still create a legal partnership.
That said, relying on a verbal understanding makes it far harder to prove what was actually agreed if a dispute arises later. Put it in writing even though the law doesn't strictly require it.
Is a partnership agreement legally binding?
Is a partnership agreement legally binding?
Yes, a partnership agreement is a legally binding contract once the partners sign it, whether it's written or, in some cases, verbal.
Its terms govern how profits are shared, how decisions are made, and what happens if a partner leaves, and courts will enforce these terms if a dispute goes to litigation. Written agreements are far easier to enforce than a verbal understanding.
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Frequently asked questions
Are partners personally liable for the partnership's debts?
keyboard_arrow_upWhat protections does a partnership agreement provide?
keyboard_arrow_upWhat are the main limitations of a partnership agreement?
keyboard_arrow_upHow does a partnership agreement handle new or departing partners?
keyboard_arrow_upWhat happens if I don't have a partnership agreement?
keyboard_arrow_upWhat's the most common mistake partners make when starting a business together?
keyboard_arrow_upIs a partnership agreement valid across all Australian states and territories?
keyboard_arrow_upWhat's the difference between a partnership agreement and a shareholders agreement?
keyboard_arrow_upHow do you write a partnership agreement?
keyboard_arrow_upWhat steps should I take after signing a partnership agreement?
keyboard_arrow_upHow quickly can I complete a partnership agreement?
keyboard_arrow_upHow much does it cost to get a partnership agreement, template versus a lawyer?
keyboard_arrow_upView Sample Partnership Agreement (General)
The Legal Risk Score of a Partnership Agreement (General) Template is Medium
Our legal team have marked this document as medium risk considering:
- Partnerships are flexible business structures.
- The agreement does not specify the exact financial contributions required from each partner at the outset, which could lead to financial misunderstandings or disputes as the business progresses.
- Admitting new partners or handling the exit of existing ones could disrupt the business's operations and might affect the partnership's stability and continuity.
Users familiar with partnership dynamics will appreciate the document's comprehensive coverage of various scenarios, though they should be prepared for the potential complexities and shifts that such flexibility entails.
Meet Our Users
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