A business partnership agreement is a legal document signed between two or more parties (“partners”) who wish to enter into an agreement as a single entity. This business unit – a partnership unit between the two or more people – acts as a legally recognized business entity. In a business partnership, each of the partners shares the company`s collective profits and losses. Traditionally, each partner is responsible, within the framework of a partnership, for all debts and obligations of the commercial partnership, but there are a number of modern legal acts that also offer limited liability partnerships, established with a sponsorship contract. If you are in business with a partner, you enter into a business partnership agreement while integrating as an entity. Even if it seems pointless today, you might be happy to have a deal later.