A partnership agreement is a legal document that outlines the terms and conditions of a business partnership. It is an important document that sets the expectations and responsibilities of each partner, and it can help prevent disputes and misunderstandings down the line.

If you`re starting a business with one or more partners, it`s essential to have a partnership agreement in place. While it is possible to create a partnership agreement on your own, it`s recommended to have a lawyer review the document to ensure all legal requirements are met.

However, if you`re looking for a do-it-yourself option, Nolo is an excellent resource. Nolo is a legal website that provides legal information and do-it-yourself legal solutions for businesses and individuals.

Their partnership agreement template is easy to use and customizable to fit the needs of your partnership. It includes all the necessary provisions, such as the name and purpose of the partnership, the capital contributions of each partner, the distribution of profits and losses, and the roles and responsibilities of each partner.

One of the benefits of using Nolo`s partnership agreement template is that it includes provisions for addressing disputes and dissolving the partnership. These clauses can help prevent legal battles and make the process of ending the partnership smoother and less stressful.

Another advantage of Nolo`s partnership agreement template is that it is regularly updated to ensure compliance with the latest laws and regulations. This is particularly important as laws related to partnerships can vary from state to state.

In summary, a partnership agreement is a critical document for any business partnership. If you`re looking for an affordable and easy-to-use do-it-yourself option, Nolo`s partnership agreement template can be an excellent solution. It includes all necessary provisions and is regularly updated to ensure legal compliance. However, it`s recommended to have a lawyer review the document to ensure it meets all legal requirements for your specific state and partnership.