A partnership is a business organization wherein the owners of the business, known as partners, share in the profits and losses of the business conducted as the partnership. In order to commence the partnership, it is necessary to have a general partnership agreement. A general partnership agreement is a formal agreement whereby the rights, responsibilities and roles of each partner is described. The general partnership agreement can be tailored to the specific needs of the partners. However, generally, the agreement should contain provisions including: a description of the business, the authority of each partner, the specific duties of each partner, the amount invested by the partner, the amount of profits allocated to each partner, the location of the business, banking for the business, contingencies for changes, dissolution, sales or death of a partner, resolution of disputes and the governing law for the agreement.