A Partnership Agreement is a legal document outlining the terms of a business partnership, serving as an internal guide for partners. This essential document outlines the roles, responsibilities, and expectations of each partner, ensuring a clear understanding from the outset.A partnership agreement outlines the day-to-day operations, responsibilities, and ownership of a partnership entity with two or more parties, known as partners. Download this free general partnership agreement template below and customize it to meet your unique business legal needs. What is a partnership agreement in a business? A partnership agreement in a business is basically a written contract between business partners. Draft attorney-approved partnership contracts in minutes. Use 360 Legal Forms templates to create custom contracts step-by-step. Clearly define project terms and responsibilities when hiring contractors for your company. An operating agreement serves as the only record of ownership in a company.