The name of your business partnership is an important provision, as it explicitly identifies the partnership and the name of the company for which the agreement is concluded. This eliminates confusion, especially when multiple partnerships and/or companies may be involved. In the initial phase, there are many tasks to be accomplished and some management roles may overlap (or may only require temporary supervision). While you don`t have to deal with each partner`s duty, since it concerns every aspect of your business activity, there are a few roles and responsibilities that you need to assign and outline in a formal agreement. Roles and responsibilities in accounting, payroll and even human resources deserve to be mentioned in the partnership agreement because of their critical and sometimes sensitive nature. Even if you have an existing agreement, you can update your agreement to accomplish these important leadership tasks. In essence, that law imposes a set of standard rules which apply where a written partnership agreement does not exist or an existing agreement is not the subject of a particular dispute. Standard rules usually assume that partners have invested a lot of time and resources in the business.. .