What is covered in a partnership agreement?

The essential terms covered in a standard partnership agreement are;

Financial Contributions – What will each partner contribute financially?
Profits and Losses – How will profits and losses be managed?
Obligations/Rights – What are the rights and responsibilities of the partners that should be drafted into the Agreement?
Dispute Resolution – Have methods for resolving disputes been considered in the Agreement?
Term – How long is the Agreement meant to last? Is it for the life of the partnership?
Exit – How will departure of a partner be managed?
Other Agreements – Are partners to the Agreement allowed to enter into alternative agreements that will bind the other partners?

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