Checklist
What to talk about before you sign anything
Partnerships are complicated, and most people simply don't know what to talk about. Here are the topics that matter most, whether you're writing an agreement or just want to be on the same page.
Money in
- What is each partner contributing: cash, equipment, clients, skills, time?
- Is any of it a loan rather than an investment?
- What happens if the business needs more money later?
Ownership
- Who owns what share, and why?
- Does ownership change if contributions change?
- Can ownership be sold or given to someone else?
Roles and time
- Who is responsible for what, day to day?
- How many hours does each partner expect to put in?
- Is anyone keeping another job or side business?
Money out
- Does anyone get paid a salary, and when does that start?
- How and when are profits shared?
- What can each partner spend without asking?
Decisions
- Which decisions need everyone, and which can one partner make?
- What happens when you're split?
Growth and change
- How would you bring in a new partner or investor?
- What if someone gets sick, moves, or wants to step back?
- What does each of you want this business to look like in five years?
Why the conversation comes first
A template gives you blanks to fill in. It doesn't tell you that you and your partner have different answers. Most trouble comes from unwritten assumptions and expectations, not from a missing clause. Talk it through first, then bring what you agreed to a lawyer if you want a formal document.
What should a partnership agreement include?
At a minimum: what each partner contributes, who owns what, roles and time commitments, how profits and pay work, how decisions get made, and what happens when someone wants to leave or the business changes. The checklist above walks through each one.
Do we need a lawyer to use this checklist?
No. The checklist is for the conversation partners should have before anyone drafts a document. When you're ready for a binding agreement, a lawyer turns what you've agreed on into the right legal language for your state and business type.
What's the most commonly skipped topic?
Time and effort. Partners talk about ownership percentages but rarely about how many hours each person expects to put in, or what happens if one partner's commitment drops. It's one of the most common sources of resentment.
How long does it take to work through?
Most partners can cover the basics in a few sittings. You don't need to settle everything at once. Start with the topics where you suspect you see things differently, and come back to the rest.
Related guides
Less guesswork. More shared understanding.
You don't need to know every question worth asking. Stay Partners helps each partner talk through expectations privately, one question at a time. Choose what to share, work through differences, and keep the wording everyone accepts in your MOU. It's not intended to be legally binding. Free during early access. For legal advice, a dispute, or an exit, talk to a lawyer of your own.
See sample questions