Partnership as a business vehicle is flexible and rapid for setting up in business.

However, partners are "jointly and severally" liable for their partnership debts.

A verbal agreement is false economy since memories fade with time. Verbal agreements are useless in disputes regarding:
  ♦  power-sharing      ♦   profit share         ♦   taking on debt
   ♦   insolvency               ♦   exit route                 ♦   succession
  ♦   duties                 ♦  limitations           ♦  responsibilities              

Partners can avoid expensive litigation with a written partnership agreement.

Instead of starting with a daunting blank paper, adapt/edit this model agreement to your own situation. To save on legal costs, prepare your draft agreement for a lawyer's review and finalisation

This model agreement complements a typical lawyer's draft as has clauses from accountant's point of view about tax matters and general finance.

Since it is expensive and inconvenient to rip up an agreement and re-write it for changes such as profit %, this model agreement has "Schedules" attached. Changes can be made by replacing Schedules signed by all the partners.