Partnership Agreement for Mortgage Brokers

Put your brokerage's joint-owner terms into an editable partnership agreement, with capital, trail ownership and exit schedules.

Partnership details

Document

Business structure

State or territory

Agreed schedules

Business details

Name the business, its purpose, office and agreed start.

Partner contributions

Name each legal partner and list cash, equipment and contributed books separately.

Profit and decision terms

Set profit, losses, drawings, duties and the approval process.

Trail ownership schedule

Set retained and contributed books, new loans, collection and servicing.

Entry and exit terms

Set entry, notice, incapacity, buyout and later clawback terms.

Cessation event: both partners agree to cease trading on the date completed below. Assets: Maya receives Book B at an agreed settlement value $80,000. Ethan receives new partnership loans at an agreed settlement value $50,000. Equipment $2,000 goes to Maya. Cash $30,000 stays in the winding-up account initially. Liabilities: accountant pays verified trade debts $12,000 and reserves tax amounts before distributions. Reserve $10,000 for clawbacks, reviewed after 12 months with any continuing exposure retained. Capital accounts and final profit allocations: accountant reconciles separately, then both sign the balancing payment schedule before payment. Post-cessation trail: Book A to Maya as retained owner; Book B to Maya after approved transfer; new partnership loans to Ethan after approved transfer. Until transfer, the winding-up account collects and remits these receipts monthly with statements. Maya handles servicing and records for Book B; Ethan handles new loans and pending applications. Accountant issues final accounts within 60 days and administers agreed balancing payments after approval. Maya arranges registration updates, required notices and contract consents; Ethan completes the client handover. No final release until the agreed payments and continuing obligations are separately reviewed.

Final settlement schedule

For dissolution, allocate assets, debts, future trail and remaining tasks.

Your agreement

Fictional example loaded.

Review before signing

Fictional terms are filled. Complete legal identities, dates and signature details, then review every schedule with all partners.

Partnership agreement

The agreement updates from the form until you edit this text.

GENERAL PARTNERSHIP AGREEMENT

Agreement date: ____________________
The partners agree to carry on the brokerage business described below from the commencement date, under the terms in this agreement and its schedules.

Business and purpose: Example Harbour Brokerage. Purpose: residential mortgage broking. Start: on the commencement date completed below. Principal office: Melbourne, address to be completed.
State or territory: Victoria
Commencement date: ____________________

SCHEDULE 1 - PARTNERS AND CAPITAL
Maya Chen: cash $60,000; equipment $2,000; capital account $62,000. Ethan Walsh: cash $40,000; Book B agreed value $80,000; capital account $120,000. Full legal identity, address and any trustee capacity to be completed before signing.

SCHEDULE 2 - PROFITS, LOSSES AND DECISIONS
Profits: Maya 50%, Ethan 50%. Losses: Maya 50%, Ethan 50%. Drawings: $3,000 each monthly, adjusted against profit entitlements. Maya manages servicing; Ethan manages new applications. Both approve borrowing, book sales, new partners and spending over $2,000. Other spending stays within the jointly approved budget. Unresolved decisions go to a jointly appointed mediator after 14 days. Both inspect accounts monthly; capital changes need both signatures.

SCHEDULE 3 - TRAIL ASSETS AND RESPONSIBILITIES
Maya retains Book A, its trail and related pre-start clawbacks. Ethan contributes Book B to the partnership at the agreed $80,000 value. New loans: partnership property. Collection account: partnership commission account, with retained Book A receipts identified and remitted to Maya monthly. Maya services partnership books; Ethan services pending applications. The partnership bears clawbacks on Book B and new partnership loans, subject to the lender and aggregator contracts. Both approve any sale; transfers require the necessary consents. Records identify each loan and its allocation.

SCHEDULE 4 - ENTRY, DEPARTURE AND BUYOUT
New partners need both owners' written approval and revised schedules. Retirement: 90 days' written notice. On incapacity or death, the other partner arranges interim servicing and meets the representative within 30 days. Buyout: an independent valuer jointly appointed within 30 days values partnership assets and liabilities, excluding retained Book A. Written buyout offer within 30 days of valuation; payment within 90 days of acceptance. Pending applications remain partnership work until separately allocated in writing. Post-exit trail follows the signed settlement schedule. Client records remain confidential, with access restricted to lawful servicing, administration and record retention.

OPERATING TERMS
The partners record capital accounts separately from profit and loss entitlements. Drawings are recorded against the agreed entitlements in Schedule 2. No contribution alone changes an agreed profit share.

Each partner performs the assigned duties and follows the approval process in Schedule 2. A change to these schedules must be agreed and recorded by all partners.

Trail assets, collection arrangements and servicing responsibilities follow Schedule 3. Internal allocations do not change lender or aggregator rights or transfer a book without required consent.

Entry, incapacity, retirement and buyout arrangements follow Schedule 4. Before a departure or dissolution, the partners will reconcile pending loans, outstanding liabilities and future trail in a signed settlement schedule.

SIGNATURES
Each partner signs after the terms and schedules are complete and agreed. Add a signature block for every partner.
Partner legal name and capacity: ____________________
Signature: ____________________  Date: ____________________
Witness name and signature, if required: ____________________

Partner legal name and capacity: ____________________
Signature: ____________________  Date: ____________________
Witness name and signature, if required: ____________________

Your entries stay in this browser. Replace the fictional terms before using the document.

GENERAL PARTNERSHIP AGREEMENT Agreement date: ____________________ The partners agree to carry on the brokerage business described below from the commencement date, under the terms in this agreement and its schedules. Business and purpose: Example Harbour Brokerage. Purpose: residential mortgage broking. Start: on the commencement date completed below. Principal office: Melbourne, address to be completed. State or territory: Victoria Commencement date: ____________________ SCHEDULE 1 - PARTNERS AND CAPITAL Maya Chen: cash $60,000; equipment $2,000; capital account $62,000. Ethan Walsh: cash $40,000; Book B agreed value $80,000; capital account $120,000. Full legal identity, address and any trustee capacity to be completed before signing. SCHEDULE 2 - PROFITS, LOSSES AND DECISIONS Profits: Maya 50%, Ethan 50%. Losses: Maya 50%, Ethan 50%. Drawings: $3,000 each monthly, adjusted against profit entitlements. Maya manages servicing; Ethan manages new applications. Both approve borrowing, book sales, new partners and spending over $2,000. Other spending stays within the jointly approved budget. Unresolved decisions go to a jointly appointed mediator after 14 days. Both inspect accounts monthly; capital changes need both signatures. SCHEDULE 3 - TRAIL ASSETS AND RESPONSIBILITIES Maya retains Book A, its trail and related pre-start clawbacks. Ethan contributes Book B to the partnership at the agreed $80,000 value. New loans: partnership property. Collection account: partnership commission account, with retained Book A receipts identified and remitted to Maya monthly. Maya services partnership books; Ethan services pending applications. The partnership bears clawbacks on Book B and new partnership loans, subject to the lender and aggregator contracts. Both approve any sale; transfers require the necessary consents. Records identify each loan and its allocation. SCHEDULE 4 - ENTRY, DEPARTURE AND BUYOUT New partners need both owners' written approval and revised schedules. Retirement: 90 days' written notice. On incapacity or death, the other partner arranges interim servicing and meets the representative within 30 days. Buyout: an independent valuer jointly appointed within 30 days values partnership assets and liabilities, excluding retained Book A. Written buyout offer within 30 days of valuation; payment within 90 days of acceptance. Pending applications remain partnership work until separately allocated in writing. Post-exit trail follows the signed settlement schedule. Client records remain confidential, with access restricted to lawful servicing, administration and record retention. OPERATING TERMS The partners record capital accounts separately from profit and loss entitlements. Drawings are recorded against the agreed entitlements in Schedule 2. No contribution alone changes an agreed profit share. Each partner performs the assigned duties and follows the approval process in Schedule 2. A change to these schedules must be agreed and recorded by all partners. Trail assets, collection arrangements and servicing responsibilities follow Schedule 3. Internal allocations do not change lender or aggregator rights or transfer a book without required consent. Entry, incapacity, retirement and buyout arrangements follow Schedule 4. Before a departure or dissolution, the partners will reconcile pending loans, outstanding liabilities and future trail in a signed settlement schedule. SIGNATURES Each partner signs after the terms and schedules are complete and agreed. Add a signature block for every partner. Partner legal name and capacity: ____________________ Signature: ____________________ Date: ____________________ Witness name and signature, if required: ____________________ Partner legal name and capacity: ____________________ Signature: ____________________ Date: ____________________ Witness name and signature, if required: ____________________

Prepare a Brokerage Partnership Agreement

A partnership agreement records how joint owners run their brokerage and share its financial outcomes. Enter the agreed terms above to produce a business partnership agreement with separate schedules. You can edit the document before copying or printing it.

The generator covers a general partnership. In this structure, partners manage the business and have unlimited liability for partnership obligations. A limited partnership has different management and liability arrangements. Business.gov.au's partnership guidance explains these structures.

A company needs documents for its shareholders and directors. A strategic collaboration between separate businesses needs cooperation terms. Selecting either structure, or a limited partnership, produces a discussion record without agreement signatures. It never converts your terms into a shareholder agreement.

If brokers remain separate owners and share individual files, use the co-broker agreement template. For an external writer's services, use the contractor agreement. Neither arrangement alone records joint ownership of the brokerage.

Capital, Profits and Decisions

Record each partner's cash, equipment and contributed trail book with an agreed value. Keep the capital account separate from the profit and loss percentages. A larger cash contribution does not tell this generator how you agreed to share profits.

In the profit and decision terms, name each partner's duties and permitted drawings. State which expenses one partner can approve and which decisions require everyone. Include borrowing, new owners and the sale of a book where relevant. Give a deadlock process a time limit and say how you appoint a mediator or other decision-maker.

This small business partnership agreement keeps those terms as editable text. It does not calculate whether your percentages total 100% or value contributed assets. Compare both profit and loss allocations with your accountant's records before signing.

Who Owns the Trail Book

The trail schedule separates books retained personally from books contributed to the partnership and loans written during it. Identify the loans in an attached register. State who owns each book, who collects the commission and who services the clients.

Routing commission through one account does not, by itself, explain the partners' agreed ownership. Record how retained-book receipts are identified and remitted. Set the responsibility for future clawbacks separately, including claims received after departure. An internal allocation does not release a partner from lender, aggregator or creditor rights.

Before agreeing a transfer, reconcile the book register with the commission statements and the relevant contracts. Record required consents and any sale restriction. The trail book valuation calculator helps estimate a value for discussion; the agreement needs the valuation approach the partners actually accept.

Partner Departure and Business Continuity

Agree the notice period and buyout process before a partner leaves. Name the valuation basis, who appoints the valuer and the payment timetable. Cover incapacity and death alongside retirement. Allocate pending applications, servicing and post-exit trail without assuming that every loan transfers.

Select Dissolution to generate a partnership dissolution agreement with a final settlement schedule. It records the cessation event and the agreed allocation of remaining assets and debts. Add final accounts, reserves for later clawbacks and who collects post-cessation trail. Name the person responsible for each remaining task and balancing payment.

The dissolution branch has its own winding-up clauses and signature fields. Complete its cessation date and reconcile its final schedule against the earlier capital and trail schedules. It does not determine a disputed entitlement or replace a negotiated settlement.

When there is no written agreement, collect any oral-term records, correspondence, capital accounts and commission contracts. Preserve evidence of how the partners actually operated. A departing partner's proposed allocation does not become agreed terms just because it appears in this generator.

Business.gov.au's dissolution guidance explains the role of an agreement and the applicable state or territory Act. Its official-law directory covers every jurisdiction in the selector. Before distributing assets, resolve the governing terms and any required notices or third-party consents with your adviser.

Examples, Editable Text and PDF Output

The opening partnership agreement example uses invented partners Maya Chen and Ethan Walsh. Maya contributes $60,000 cash and $2,000 equipment. Ethan contributes $40,000 cash and Book B at an agreed $80,000 value. Their recorded capital accounts differ, while their entered profit and loss shares are 50% each.

Maya retains Book A outside the partnership. Book B and new loans belong to the partnership under the example terms. The dissolution example assigns Book B to Maya and new partnership loans to Ethan, subject to approved transfers. An accountant reconciles final accounts and reserves $10,000 for clawbacks. These are fictional negotiated choices, without an industry-standard allocation.

The format has an agreement body, numbered schedules and signature fields for the partners. Add signature blocks for additional partners in the editor. Complete full legal identities and signing capacities, including any trustee details. Have execution requirements reviewed for those parties and your jurisdiction before signing.

The free partnership agreement template is copyable text for Word. Copy agreement and Download text use the document displayed in the editor. Print or save PDF opens your browser's print dialog. Check every page in print preview, including the schedules and signature lines, before saving the PDF.

Editing the document pauses automatic replacement. Form changes still update the review message; select Discard edits and rebuild to replace your text with the current form. Reset example restores the fictional form values and preserves manual document edits until you rebuild. Your entries stay on your device and are not saved for a later visit.

Australian Partnership Rules

Written terms record the partners' chosen arrangement, while the applicable partnership law supplies rules where relevant. Business.gov.au says partners do not have to make a partnership agreement. That general guidance does not settle the formalities for every structure, transaction or signed document.

For Victoria, section 28 of the Partnership Act 1958 sets rules subject to express or implied agreement. Its starting rules include equal capital and profit shares and equal contributions to losses. These are Victorian provisions, not a national percentage preset. The generator inserts the commercial terms you enter without applying a default allocation.

For a partnership agreement in NSW or another jurisdiction, use the relevant Act in the official-law directory linked in the departure section. Compare the applicable provisions with your actual agreement and conduct. A written document can reduce uncertainty about what the partners accepted.

The Australian Taxation Office's TD 2002/24 discusses written or oral agreement as evidence of an intention to create a partnership. It also considers the parties' conduct. This is a Track My Trail drafting tool; the ATO does not issue or approve this template.

Resolve the ownership structure first, then have the completed agreement and its schedules reviewed for your brokerage before signing. Tax treatment, contractual transfer rights and credit-licensing responsibilities need their own assessment.

Track My Trail Team

We develop software to simplify trail book management for mortgage brokers. Our tools provide fast and practical insights to help brokers get the most out of their trail books.