When you are starting a business with another person, it is important to have a partnership agreement in place. This document outlines the terms of your partnership, including how profits will be shared, how decisions will be made, and how disputes will be handled. If you are in the UK and need a general partnership agreement template, there are some key things to consider.

First, it is important to note that a partnership is a separate legal entity from the individuals involved. This means that even if you do not create a formal partnership agreement, there are default rules that will apply according to the Partnership Act 1890. However, it is much better to have a written agreement that spells out your specific terms.

Some elements that should be included in a general partnership agreement template in the UK are:

1. The name and address of the partnership

2. The names and addresses of the partners

3. The purpose of the partnership

4. The duration of the partnership (if it is not indefinite)

5. The contribution of each partner (financial, property, or other)

6. The profit-sharing ratio (this can be equal or based on each partner`s contribution)

7. How decisions will be made (by unanimous agreement or by a majority vote)

8. How disputes will be handled (mediation, arbitration, or legal proceedings)

9. How the partnership can be dissolved (by agreement or by court order)

10. What happens if a partner dies, becomes incapacitated, or wants to leave the partnership

It is important to work with a solicitor or other legal professional to ensure that your partnership agreement is legally binding and covers all necessary details. While it may be tempting to use a free online template, these may not be tailored to your specific needs and could leave you vulnerable to legal issues later on.

In addition, it is important to consider how your partnership agreement fits into your overall business plan. For example, if you plan to seek funding, you may need to show potential investors or lenders your partnership agreement to demonstrate that you have a solid legal foundation for your business.

Overall, a partnership agreement is a crucial document for anyone starting a business with another person. By creating a detailed and legally binding agreement, you can protect your interests and ensure that your partnership runs smoothly for years to come.