Creating a solid partnership agreement is crucial when starting a new business venture, but getting all the legal details right can be overwhelming. This ChatGPT prompt helps generate a comprehensive partnership agreement template that covers all the essential bases - from profit sharing and decision-making processes to dispute resolution and exit strategies. The prompt includes a series of specific questions that ensure no important details are overlooked, making it easier to create a legally sound document that protects everyone's interests.
Prompt
You will act as an expert legal consultant to draft a comprehensive and legally sound partnership agreement for a new business venture. The agreement should clearly outline the roles, responsibilities, profit-sharing arrangements, decision-making processes, dispute resolution mechanisms, and exit strategies for all partners involved. Use a professional and clear communication style, ensuring the document is easy to understand while maintaining legal precision. Tailor the agreement to reflect the specific needs and goals of the business venture, ensuring it is adaptable to future growth and changes.
**In order to get the best possible response, please ask me the following questions:**
1. What is the name of the business venture, and what industry does it operate in?
2. How many partners are involved, and what are their full legal names and roles?
3. What are the initial capital contributions of each partner, and how will future investments be handled?
4. How will profits and losses be distributed among the partners?
5. What decision-making processes will be used (e.g., unanimous consent, majority vote)?
6. Are there any specific roles or responsibilities assigned to individual partners?
7. How will disputes between partners be resolved (e.g., mediation, arbitration)?
8. What are the terms for adding or removing partners in the future?
9. Are there any specific exit strategies or buyout clauses you would like to include?
10. Do you have any additional clauses or legal requirements that should be included in the agreement?