Free Maine Partnership Agreement

Creating a Business Partnership Agreement in Maine

  • A Partnership Agreement is also known as:

    • General Partnership Agreement

    • Business Partnership Agreement

    • Partnership Contract

    • Articles of Partnership

A Partnership Agreement provides a written framework, guidelines and rules that will govern a business partnership and its partners, to encourage the success of your business venture. While not mandated by law, a Partnership Agreement is a legally binding contract signed by all partners, and is a best industry practice.

You are already in the right place to get started. You don’t need to hire a lawyer to create your Partnership Agreement. Our free Maine Partnership Agreement template makes it quick and easy, and walks you through each step to build your legal Agreement. Simply input your information above, and within minutes you will create a Partnership Agreement that you can edit, download, print and email. No notary or witnesses needed, only the partners’ signatures to be enforceable. You can begin now, or read on for more information.

  • Reasons Why a Partnership Agreement is Crucial

    • Overrides blanket state laws. With a Partnership Agreement in place, you and your partners decide how important aspects of your partnership will operate instead of the state laws or courts deciding for you.

    • Dispute resolution. The Contract will outline in advance the steps to be taken to resolve conflicts among the partners, including compelling the use of a third-party mediator to resolve certain conflicts, thereby eliminating the need to settle disputes through the court system.

    • Control and ownership of the business. Protects the partners’ ownership interests and the partnership from falling into the wrong hands, by restricting the sale or the transfer of ownership interests in the company. For example, partners can only sell their interest to existing partners or third parties vetted, verified and approved by the other partners.

    • Protection of the partners’ investment and the business.
      The written Contract should have a provision to address the measures to be put in place and the steps to be followed to protect the business if one of the principal partners dies, goes bankrupt, or is disabled.

    • Legal removal of a non-performing or a disruptive partner. To avoid being sued by a partner for removal or termination from the partnership, the Contract should include provisions for the steps to be taken to remove a partner for disruption or non-performance.

  • Key Elements of the Partnership Contract

    • The basics. The name of the business partnership and purpose or the goal(s) of the partnership. Start and end date (if there is one), and where you will be doing business.

    • Partner contributions in terms of cash, services, capital, future contributions, and property (real and intellectual) contributions.

    • Ownership interests for each of the partners may be equal across the board, or based on partner contributions or be determined by other means.

    • Distribution of profits and losses. As above, the distribution of profits/losses of the business may be equal across the board, or determined by capital contributions or another method.

    • Partners’ authority. The Agreement will specify the ability of any one partner to enter into binding agreements on behalf of the partnership and other partners without the consent of the other partners, and limits to this authority as well.

    • Involvement of the partners in the activities of the partnership. The Contract will spell out what activities and/or time each partner is expected to contribute to the business. This may include naming a Managing Partner and a Tax Representative. Also, partners will sign non-compete, and confidentiality agreements.

    • Procedures for new partners. Will you accept new partners in the future and if so, the terms for such.

    • Termination of the partnership. The Agreement will include the conditions that must be met and procedures for terminating the partnership.

Our website will help you create a Partnership Agreement with free on-line samples and templates that make the process that much faster. Simply fill in the form above to create your own Partnership Agreement.

Whether you are in Lewiston, Bangor, Portland, Waterville, Augusta, Biddeford, Bar Harbor, or South Portland, or any other city in Maine, you can use our free Partnership Agreement and get down to business!