Forming a partnership to establish a new company or entering into a partnership with another firm can leverage your business and help you reach higher levels of performance. But a partnership must be negotiated carefully. Responsibilities must be delineated, possible outcomes anticipated and the rights of all partners respected. A well-drafted partnership agreement will protect you and help you and your partner accomplish your objectives.

Whether you are negotiating a partnership agreement to form a new company or negotiating with another firm to form a partnership to develop or distribute a product, the process is much the same. There is no standard agreement form for a partnership, although there are features that should be in all agreements. While you can work through many details, before you finalize a contract, you need to consult an attorney who is experienced with partnership agreements. There will be some details you had not considered, and a lawyer can help protect you from bad surprises in the future.