Effective organizations maintain a clear hierarchy of leadership to ensure that decisions are made quickly and efficiently. This does not mean that the remaining members will not have a say in the operations of the company, except that there is a clearly defined leader. The same goes for the financial hierarchy and who, ultimately, is responsible for the tax requirements that the company must meet. The partnership must include provisions indicating which members may legally bind the partnership through external contractual relations. Here are five clauses that any partnership contract should contain: and here`s the problem – the conflict is going to happen. There is no perfect partnership, and at some point you will have to face a disagreement.