A partnership agreement set in place between managing members can greatly benefit the organization of a partnerships internal affairs. Although there is no legal obligation to draft an agreement, it is highly recommended that you do as it will often serve as the only legal evidence regarding the rights and responsibilities of each partner. If you would like to review the free template that we have made available within this tutorial, click one of the links found either at the top of this webpage, or located directly on the photo below (available in MS Word and Adobe PDF formats). It would be wise to have your attorney review the completed document to ensure that the information submitted will benefit the business as effectively as possible.