Partnership agreement template for Australian partners
Go into business with someone on terms that survive a partner leaving.
Ready in about 15 minutes
What this document does
This agreement is for two or more people running a business together as a general partnership. It fixes the things a handshake leaves dangerous: who put in what, how profits and losses are split, who decides what, and what happens when a partner retires, is expelled, dies or wants out. It replaces the default rules in the Partnership Act with a partnership that continues and buys out the departing partner, instead of collapsing. It is also honest that a partnership cannot limit your personal liability, and points you to a company where that is what you need.
The questions we’ll ask
The partnership
Term and year
Profits & management basics
The partners
Capital and further funding
Drawings
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Questions people ask.
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- Does this protect my personal assets?
- No, and no partnership agreement can. In a general partnership the partners are the business, so each of you is personally liable for the firm's debts, to the full extent of your own assets. This agreement shares that risk between the partners through indemnities and insurance, but it cannot limit it to the people you owe. If you need liability protection or outside investors, a company or trust is usually the better structure, and the guidance says so plainly.
- How many partners can it cover?
- Two or more. You add a card for each partner and fill in their details one at a time, so it works just as well for two founders as for a larger firm. A partner can be a person, a company or a trustee company, and the signing block adjusts to match.
- What happens when a partner leaves or dies?
- The partnership continues between the remaining partners instead of dissolving, and the departing partner (or their estate) is bought out at a fair value. You choose how that value is worked out and whether goodwill is paid, with an independent expert deciding if the partners cannot agree.
- Can I stop a departing partner competing with us?
- Yes, with an optional restraint of trade. It is a vendor-style restraint tied to the goodwill a partner is paid out for, so it is treated more favourably than an employee non-compete and is not caught by the 2027 employee non-compete ban. It only applies where a partner actually works in the business.
- Is this a subscription?
- No. It is $49 once. No monthly fee, no auto-renewal. You buy the document and can reuse it if the partnership changes.
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