A partnership agreement can be an integral piece of the puzzle when forming a partnership within the state of Illinois. Adopting a partnership agreement at the onset of the partnership can allow for heightened clarity and an explicit outlining of the roles and expectations of all involved parties. A partnership agreement is frequently used to outline the capital contributions of all participating members, the general purpose of the partnership, the distribution of income, and the management structure. By ensuring that all of the aspects of the partnership are agreed upon and documented, the adoption of a partnership agreement can serve to circumvent issues before they arise. Below you find a free partnership agreement template which can be used for your own purposes, available in both PDF and MS Word formats. Ensure that a copy is made for each partner upon agreeing to the partnership terms.