5. SALARIES AND DRAWINGS. None of the partners receive a salary for the services provided for the partnership. Each partner may withdraw the assets to their income account from time to time. The agreement you have with your business partner is a private document. It is not necessary to submit it to the State of Illinois, the IRS or any other governmental authority. It remains private unless one of you shows it to a third party. 3. CAPITAL. The capital of the partnership shall be contributed by the members in cash as follows: a separate capital account shall be kept for each partner. None of the partners may withdraw part of their capital account. At the request of one of the partners, the capital accounts of the partners shall be kept at all times in the proportion in which the partners contribute to the profits and losses of the company.

Before you sign an agreement with your partners, make sure you understand the pros and cons of a partnership…