Free Maryland Partnership Agreement

How to Create a Partnership Agreement in Maryland

  • A Partnership Agreement is also known as:

    • Business Partnership Agreement

    • General Partnership Agreement

    • Articles of Partnership

    • Partnership Contract

The success of your business partnership will depend on the foundational structures you put in place, arguably the most important of which is a legal agreement that all partners to a business venture sign. A Partnership Agreement refers to the written contract between two or more people/businesses who agree to go into business together and to share the profits/losses of the business. A Partnership Agreement will help you establish the responsibilities, rules, roles, and relationships for (and between) the partners to guide your business forward to ensure survival and success of your venture.

Create a Partnership Agreement—Ready in Minutes to Download, Print and E-mail

The good news is that you don’t have to hire a lawyer to create a Partnership Agreement, thanks to our free Maryland Partnership Agreement template. You can create your Agreement in minutes, and you don’t have to get the document notarized for it to be enforceable. All it requires to be legally binding is the signatures of the partners. To get started, simply fill in your information above and we will help you build your Agreement with explanations along the way, or read on to learn more.

  • Reasons Why a Partnership Agreement in Maryland is a MUST

    • A Partnership Agreement takes precedence over any default state laws, so that you have the final say in how your partnership will operate. Things like the roles of the partners and the profit-sharing models will be decided by you and included in a written contract. Otherwise, the state rules apply, and it may not be to you or your partners’’ liking.

    • It allows the partners to maintain full control over the ownership of the partnership by restricting the sale or the transfer of ownership interests by partners withdrawing their interests.

    • Contentious issues that may derail a partnership are agreed upon in advance, such as dispute resolution and voting rights of the partners, and rules for the removal of a non-performing or even a disruptive partner.

  • Essentials of the Partnership Agreement

    • The basics. Name and purpose of the business partnership as well as start and end date (if there is one), and where you will be doing business.

    • Capital contributions of each partner (cash, services, ideas, real property, and intellectual property) and the corresponding ownership interests of each of the partners.

    • Distribution of profits and losses; specifically, the method used to allocate the profits and losses to the partners.

    • Profit draws. Timing, frequency and any limits to withdraw profits from the business.

    • Partner authority regarding what any one partner can do to bind the partnership and the other partners to agreements, as well as the limitations to such authority. Also, the naming of a Managing Partner to oversee the daily operation of the business and a Tax Matters Partner to represent the partnership to the IRS.

    • Decision making that can be made by a partner independently, and others that would require the input of the other partners, as well as the decisions that require voting by the partners.

    • Addition of new partners. If allowed, the procedures for adding new partners.

    • Dispute resolution. Typically a Mediation Clause that compels the use of a third-party mediator to resolve certain disputes between the partners that may arise. This saves time and expense by avoiding having to settle issues through the court system.

    • Termination procedures that specify the steps to be taken if a partner wishes to withdraw from the partnership and upon death of a partner, as well as process for ending the partnership in its entirety.

Our website will help you create a Partnership Agreement. We offer free on-line samples and templates of legal forms, including Partnership Agreements, that make the process that much faster.

Whether you are entering into a business partnership in Annapolis, Baltimore, Rockville, Frederick, Bethesda, Ocean City, Silver Spring, Bowie, or any other city in Maryland, you can use our free Partnership Agreement form above.