Individuals forming a new partnership in Iowa may want to consider drafting a partnership agreement in conjunction with their filing. While this document is not required by the state of Iowa for the formation of a partnership, it can help greatly to both organize the partnership and establish its legitimacy in the eyes of competitors, financial institutions, and the government. Due to the sparseness of most initial filings this very well could be the only document laying out the rules and regulations by which the partners wish to abide by. Likewise, as it will lay out the financial structure of the partnership, a partnership agreement could very well help the entity avoid litigation down the line by eliminating all vagaries from the outset. Feel free to use our free partnership agreement template, available below in both PDF and MS Word formatting, in the drafting of your own partnership agreement. Have your lawyer review the agreement and each of the members sign it to ensure its legitimacy.