Form a partnership with one or two of your classmates. Assume that the two or three of you are forming a small service business. For Example, you might form a company that hires college students to paint houses during the summer or to provide landscaping services.

Working together, draft a partnership agreement for your business. The agreement can be a simple one, with just a sentence or two for each provision. However, it should include the name, location, and purpose of the business; the names of the partners and their respective duties; the investments of each partner; methods for distributing profits and losses; and procedures for dealing with the admission or withdrawal of partners, the withdrawal of assets, the death of a partner, and liquidation of the business. Include a title, date, and signature lines.