Hello, I do a question about my business law class which required us to write essay questions, The instruction are not clear.

You and your close friend decide to begin a business.After much discussion, you mutually agree to form a partnership instead of one of the other legal entities, (i.e., corporation, limited partnership, etc.).Your job for this assignment is to:

List all of the terms and conditions that you are going to include in your partnership agreement with emphasis on those that will protect you against liability to your partner and to outside third parties