Overview
This prompt aims to guide users in drafting a comprehensive partnership agreement tailored to their specific business venture. Entrepreneurs and business partners will benefit by ensuring clarity and legal protection in their partnership arrangements.
Prompt Overview
Purpose: This agreement formalizes the partnership between the named partners for a specified business venture.
Audience: The primary audience includes the partners involved, legal advisors, and any stakeholders interested in the partnership’s operations.
Distinctive Feature: This partnership agreement is comprehensive, covering all essential aspects to ensure clarity and fairness among partners.
Outcome: The agreement aims to establish a solid foundation for collaboration, minimizing disputes and ensuring smooth operations.
Quick Specs
- Media: Text
- Use case: Drafting partnership agreements
- Techniques: Legal writing, negotiation, mediation
- Models: Partnership agreement template
- Estimated time: 1-2 hours
- Skill level: Advanced
Variables to Fill
- [SPECIFY BUSINESS VENTURE] – Specify Business Venture
- [NAME OF PARTNER A] – Name Of Partner A
- [NAME OF PARTNER B] – Name Of Partner B
- [DATE] – Date
- [Partner A] – Partner A
- [Partner B] – Partner B
- [BUSINESS VENTURE] – Business Venture
- [PARTNERSHIP NAME] – Partnership Name
- [PURPOSE] – Purpose
- [Contribution 1] – Contribution 1
- [Contribution 2] – Contribution 2
- [Contribution 3] – Contribution 3
- [PERCENTAGE] – Percentage
- [FREQUENCY] – Frequency
- [DESIGNATED PARTNER] – Designated Partner
Example Variables Block
- [SPECIFY BUSINESS VENTURE]: Online Retail Store
- [NAME OF PARTNER A]: Alice Johnson
- [NAME OF PARTNER B]: Bob Smith
- [DATE]: October 1, 2023
- [Partner A]: Alice Johnson
- [Partner B]: Bob Smith
- [BUSINESS VENTURE]: Online Retail Store
- [PARTNERSHIP NAME]: A&B Retail Partners
- [PURPOSE]: Sell various consumer products online
- [Contribution 1]: Initial capital investment
- [Contribution 2]: Website development
- [Contribution 3]: Marketing strategy
- [PERCENTAGE]: 50
- [FREQUENCY]: Quarterly
- [DESIGNATED PARTNER]: Alice Johnson
The Prompt
#CONTEXT:
Adopt the role of a seasoned business attorney specializing in drafting comprehensive partnership agreements. Your task is to assist the user in creating a detailed partnership agreement for a specified business venture involving named partners.
#ROLE:
You are a seasoned business attorney specializing in drafting comprehensive partnership agreements.
#RESPONSE GUIDELINES:
The partnership agreement should be structured into the following sections:
- PARTNERSHIP NAME AND PURPOSE
- State the name of the partnership.
- Describe the purpose of the partnership.
- PARTNER CONTRIBUTIONS
- List the contributions of each partner to the partnership.
- PROFIT-SHARING ARRANGEMENTS
- Specify the profit and loss sharing proportions for each partner.
- State the frequency of profit distribution.
- DECISION-MAKING PROCESSES
- Outline the process for making major business decisions.
- Specify who is responsible for day-to-day operational decisions.
- DISPUTE RESOLUTION
- Describe the steps for resolving disputes between partners, including negotiations, mediation, and arbitration.
- TERMINATION
- Explain the circumstances under which the partnership may be terminated.
- Describe how partnership assets will be distributed upon termination.
- AMENDMENTS
- State the process for amending the partnership agreement.
The agreement should conclude with a signature section for all partners.
#PARTNERSHIP AGREEMENT CRITERIA:
- Use clear legal language throughout the agreement.
- Ensure that all key terms and conditions are properly defined.
- Be comprehensive in covering all essential aspects of the partnership.
- Avoid any ambiguity or room for misinterpretation.
- Focus on creating a fair and equitable agreement for all partners.
#INFORMATION ABOUT ME:
- Business Venture: [SPECIFY BUSINESS VENTURE]
- Partner A: [NAME OF PARTNER A]
- Partner B: [NAME OF PARTNER B]
#RESPONSE FORMAT:
PARTNERSHIP AGREEMENT
This Partnership Agreement (“Agreement”) is entered into on [DATE] by and between [Partner A] and [Partner B] (collectively referred to as the “Partners”) for the purpose of conducting [BUSINESS VENTURE] (the “Partnership”).
- PARTNERSHIP NAME AND PURPOSE
1.1 The name of the Partnership shall be [PARTNERSHIP NAME].
1.2 The purpose of the Partnership is to [PURPOSE].
- PARTNER CONTRIBUTIONS
2.1 [Partner A] shall contribute the following to the Partnership:
- [Contribution 1]
- [Contribution 2]
- [Contribution 3]
2.2 [Partner B] shall contribute the following to the Partnership:
- [Contribution 1]
- [Contribution 2]
- [Contribution 3]
- PROFIT-SHARING ARRANGEMENTS
3.1 The Partners shall share profits and losses in the following proportions:
- [Partner A]: [PERCENTAGE]%
- [Partner B]: [PERCENTAGE]%
3.2 Profits shall be distributed to the Partners on a [FREQUENCY] basis.
- DECISION-MAKING PROCESSES
4.1 All major business decisions shall require the unanimous consent of the Partners.
4.2 Day-to-day operational decisions shall be made by [DESIGNATED PARTNER].
- DISPUTE RESOLUTION
5.1 Any disputes arising between the Partners shall first be resolved through good faith negotiations.
5.2 If negotiations fail, the Partners shall submit the dispute to mediation.
5.3 If mediation is unsuccessful, the dispute shall be resolved through binding arbitration.
- TERMINATION
6.1 The Partnership may be terminated by mutual agreement of the Partners.
6.2 Upon termination, the Partnership assets shall be distributed according to the profit-sharing percentages in Section 3.1.
- AMENDMENTS
7.1 This Agreement may be amended only by the written consent of all Partners.
IN WITNESS WHEREOF, the Partners have executed this Agreement as of the date first above written.
_____________________
[Partner A]
_____________________
[Partner B]
Screenshot Examples
[Insert relevant screenshots after testing]
How to Use This Prompt
- [PARTNERSHIP NAME]: Name of the business partnership.
- [PARTNERSHIP PURPOSE]: Description of partnership’s business goals.
- [PARTNER A CONTRIBUTIONS]: Contributions made by Partner A.
- [PARTNER B CONTRIBUTIONS]: Contributions made by Partner B.
- [PROFIT-SHARING]: Distribution percentages of profits and losses.
- [DECISION-MAKING]: Process for making business decisions.
- [DISPUTE RESOLUTION]: Steps for resolving partner disputes.
- [TERMINATION CONDITIONS]: Circumstances for ending the partnership.
Tips for Best Results
- Define the Partnership: Clearly state the partnership name and its purpose to avoid confusion.
- Outline Contributions: Detail each partner’s contributions to ensure transparency and accountability.
- Profit Distribution: Specify how profits and losses will be shared to prevent disputes later.
- Establish Decision-Making: Define the process for making decisions to streamline operations and reduce conflicts.
FAQ
- What is the purpose of a partnership agreement?
A partnership agreement outlines the roles, contributions, and profit-sharing of partners in a business. - How are profits shared among partners?
Profits are shared based on agreed percentages, typically outlined in the partnership agreement. - What happens if partners disagree?
Disputes are resolved through negotiations, mediation, and if necessary, binding arbitration. - Can a partnership be terminated?
Yes, a partnership can be terminated by mutual agreement or specified circumstances in the agreement.
Compliance and Best Practices
- Best Practice: Review AI output for accuracy and relevance before use.
- Privacy: Avoid sharing personal, financial, or confidential data in prompts.
- Platform Policy: Your use of AI tools must comply with their terms and your local laws.
Revision History
- Version 1.0 (December 2025): Initial release.