Who it's for
- Two or more people starting a business together as a general partnership
- Existing partnerships with nothing in writing
- Not for LLPs or limited companies — the guidance compares the three structures
What's included
- About this template — HMRC registration, unlimited liability and the 1890 Act defaults
- Choosing the right structure table comparing a general partnership, LLP and limited company
- Partnership agreement (11 clauses): business name and activity, commencement, capital contributions, profit and loss, management and decisions, duties and time, drawings, accounts and banking, new and retiring partners, dissolution, governing law
- Signature lines for each partner
Save with a bundle: get this plus 14 more documents in the Business Complete Bundle for £44.99.
See what's in the bundle →Key points covered
- Partners in a general partnership have unlimited personal liability for the firm's debts
- The partnership and each partner register with HMRC for Self Assessment, not Companies House
- Unanimous written agreement for key decisions, with spending limits you set
- Profit shares and drawings recorded and reconciled each year
- Retirement and dissolution by notice, so a departure need not end the business automatically
DocPilot templates are drafted from current legislation and official guidance (GOV.UK, legislation.gov.uk and the relevant regulators), checked against those sources and fully re-reviewed every six months. They are not legal advice. How we make our documents →
Read the guide
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Questions
Do we need a written partnership agreement?
It is not compulsory, but without one the Partnership Act 1890 applies, including dissolution on a partner's death or departure unless you agree otherwise.
Does it limit our liability?
No. General partners have unlimited liability. Consider an LLP or limited company if that is a concern.
Can more than two partners sign?
Yes. There is space to add further partners.
Is it in the Business Complete Bundle?
Yes. The Business Complete Bundle includes the partnership agreement.
Partnership Agreement
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