Additional partners may be added at any time after unanimous written agreement of the existing partners, provided that the total number of partners does not exceed [number]. Then in the list comes the contribution of the partners. This part is somehow critical and you and your partner might find it difficult to calculate the contributions you have made. Therefore, you need to decide things in advance. Therefore, you should mention in this section how much cash, services or real estate you will contribute to the activity. Also, what is the share of ownership that each partner will have. Disagreements over contributions have caused many companies to fail, but a mutual agreement has led to a fruitful business relationship. Partnership agreements define the initial contribution and future contributions expected by partners. If you take care of your partnership agreements, you can spend less time with legal documents and spend more time growing your business.
You must also ensure that you register the trade name of your partnership (or the name “Doing Business as”) with the relevant public authorities. Partners can either inform other partners of their action or act without their consent for the operation. It depends entirely on your decision written in the agreement. If you want your partners to make decisions about business themselves, you need to make it clear that individuals can do so. While this is unusual, because the partners really want to be informed before any act of the partnership companies, whatever your decision, you must make everything clear in the agreement.