Whenever two or more people are involved in setting up an organization or a business, they must define their relationship using a legal document. When a business relationship is between an employer and employee, an employment agreement is used to provide protection. However, when the business relationship is between people or entities of equal or similar status, a partnership agreement is usually used.
Definition of a Partnership Agreement
A partnership agreement is a type of contract that explicitly defines and legally binds the partnership between two or more partners. Typically, the responsibilities and rights of each partner are clearly stated to prevent ambiguity. Therefore, each partner must insist a contract is signed before any commitment is made to prevent future problems.
Fields of a Partnership Agreement
A partnership agreement usually contains a handful of fields. These fields are:
- Fields for the names, addresses, and contact information of all the parties involved in the agreement.
- A provision for each partner to append their signatures.
- A provision for the names, addresses, contact information, and the signatures of witnesses if any.
The terms and conditions of the partnership agreement define the contract, which can take several pages. The specifics of a partnership agreement are discussed below under the following subheadings.
Ownership Percentage
A partnership agreement must include the percentage ownership per partner. This stipulation defines the number of resources both human and financial each partner is bringing to the table. Ultimately, this percentage translates into the overall stake each partner has in the company or partnership.
Profit-Sharing
This agreement also contains how profit is shared between the partners based on the stake of each individual. Similarly, the same sharing formula applies to loss.
Partnership Duration
The duration of validity of a partnership should always be included in a partnership agreement. When the contract expires, a new partnership can be agreed upon depending on the prevailing circumstance.
Hierarchy
The role each partner is to play in the partnership must be captured to ensure everyone knows their responsibility.
Terms of Termination
A partnership agreement should contain terms for termination of the contract. It should also include what happens to the partnership in the event of death.
Partnership Agreement form with Integromat – Step-by-Step-Guide
- Create a Scenario
- Select PDF.co App and Fill a PDF Form
- Fill a PDF Form Configuration
- Test and Run Result
- Source Document Output
In this tutorial, we will show you how to fill out the Partnership Agreement form with Integromat. Below is the sample source document that we prepared for this demo.
Step 1: Create a Scenario
To start our tutorial, click the Create a Scenario button at the upper-right corner of your dashboard.
Step 2: Select PDF.co App and Fill a PDF Form
Next, select the PDF.co app to perform the scenario and choose the Fill a PDF Form module to fill out a PDF form.
Step 3: Fill a PDF Form Configuration
Now, let’s set up the Fill a PDF Form configuration.
- In the Input File field, select the Upload a file to upload the file from your storage.
- For the Source File field, select the Google Drive – Download a file.
- In the Fillable Fields field, fill out the page index, the field or control name, and the text field. To get the field name click the Get PDF Info tool and fill out the fillable name field.
You can now press the run button to see the result.
Step 4: Test and Run Result
Great! The test run returned successfully. Copy and paste the URL to view the output.
Step 5: Source Document Output
Here is the source document output that we successfully filled out.
In this tutorial, you learned how to fill out the Partnership Agreement form with Integromat. You also learned how to use the Get PDF Info tool to get the field name and fill out the fillable name field.
