The Partnership Agreement

The beginning of a new partnership is super exciting: you’ve got a brilliant business idea that you can’t wait to share with the world +  a killer team by your side to help you do it. This is the time to plan the how of running your business so that you can focus all of your energy on business operations down the road. 

A partnership agreement sets out the expectations partners in a heart-leading business have for one another. Before you enter into one, you’ll want to think about what is important to you, the nature of your obligations and rights in the business, and what you expect of your partners. These will be some of the key provisions forming your partnership agreement. Your partnership agreement may also outline the process of dissolution or of partner removal. 

Before you sign anything, you’ll want to have an open and honest brainstorm with your business partners to make sure that you’re all on the same page about how you’ll each contribute to your heart leading business. There are no ‘good’ or ‘bad’ agreements. Only agreements that reflect your partnership’s values. Ideally, the partnership agreement is a written record of your brainstorming session and will provide an easy reference should the partners encounter miscommunication down the road. 

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