If you`re planning to kick off a new business venture in Australia, chances are that you`re going to need a partnership agreement at some point. While you might want to seek legal advice to ensure you`re covering all your bases, a simple partnership agreement template can help you get started.

Here are some of the key elements you`ll want to include in a partnership agreement:

1. Partnership name and purpose: Start by clearly stating the name of the partnership and the purpose for which it was formed.

2. Duration: Specify whether the partnership will be ongoing or if it has a set duration.

3. Capital contributions: Outline the amount and type of contributions that each partner is expected to make, along with any specific terms or conditions surrounding these contributions.

4. Profit and loss sharing: Clearly spell out how profits and losses will be allocated among the partners.

5. Management and decision making: Explain how the partnership will be managed and how decisions will be made. This might include specifying the roles and responsibilities of each partner.

6. Dispute resolution: It`s important to have a plan in place for resolving disputes between partners. Consider including a clause that outlines a process for mediation or arbitration.

7. Termination: Lastly, include a section that details how the partnership can be terminated, whether it`s through mutual agreement or for cause.

While this isn`t an exhaustive list of what you`ll want to include in your partnership agreement, it`s a good starting point. By using a simple partnership agreement template, you can ensure that you`re covering the basics and setting up your business for success.