A partnership must have two or more owners who share in the profits and losses of a business. Partnerships can form automatically without the submission of formation documents. All partnerships ...

Commissions do not affect our editors' opinions or evaluations. A partnership agreement is a legal document that dictates how a small for-profit business will operate under two or more people.

Prasit photo / Getty Images A partnership agreement is a legal, written document that outlines the structure, roles, and guidelines for a business. It dictates the way a business is run and ...

A "heads of" agreement is a non-binding document that outlines the basic terms of a tentative partnership agreement or transaction. Also known as a "heads of terms," or "letter of intent," a heads ...