Each partner brings certain personal skills and assets into a partnership. One partner could have the technical knowledge while the other partner has the business knowledge. This partnership agreement would easily be 50/50. However, when there are multiple partners and one brings in time, one talent, and the other physical assets, the partnership agreement becomes complicated.

In groups of three or four, decide on a partnership business. Determine what the partnership business will provide, how the partnership will allocate income and loss, and any salary arrangements. Decide when and how the partnership is dissolved should it become necessary.