People seek to form partnership to extend and maintain business operations. Each partner contributes to all aspects of the business including, money, property, labor or skill. The profits and losses of the business are shared among the partners. The decision-making process is important as each partner may have different opinions regarding issues, structure, ventures, and operation. Therefore, it is vital to develop a legal partnership agreement (Partnership Deed) to document how future business decisions will be made.

Discussion Instructions:

• For this discussion, define a type of partnership company you would be interested in forming. (State the services, and the goals of the business).
• Draft a partnership agreement and discuss each element and the importance of include those elements in the agreement. (ALL elements significant to operating the partnership should be included in the agreement).
• How can a partner's contribution of liability beneficial to the business operations.