Types of commitments the partnership agreement should address include: Partnership contracts: Generally, a partner with authority to sign contracts on behalf of the partnership can sign a contract that binds all of the partners. Make sure you limit contract authority to partners with knowledge of the businesses needs. A Partnership Agreement is a contract between two or more business partners that is used to establish the responsibilities, and profit and loss distribution of each partner, as well as other rules about the general partnership, like withdrawals, capital contributions, and financial reporting. On the other hand, if you are forming a partnership pact for sole owner businesses, then it will be called a general partnership agreement. Regardless of the type of business, you will be able to find several sample partnership agreements on the web, download them for free and to avoid making mistakes by making an agreement on your own.