A general partnership can legally exist without any written agreement at all — but that just means state default partnership law fills every gap, and those defaults rarely reflect what the partners actually intended.
Profit and loss allocation
Without an agreement specifying otherwise, many states default to splitting profits and losses equally, regardless of how much capital or work each partner actually contributed — a mismatch that causes real friction when contributions aren't equal.
Decision-making authority
A written agreement should specify which decisions require unanimous consent, which require a majority, and which any single partner can make alone — without this, disagreements over authority can paralyze routine business decisions.
What happens when a partner wants out
Default partnership law in many states can technically allow a partnership to dissolve entirely when one partner leaves, unless the agreement provides for buyout terms that let the business continue. This is one of the most consequential gaps to leave unaddressed.
Liability exposure without an agreement
In a general partnership, partners are typically personally liable for the business's debts and for each other's actions taken on behalf of the partnership — a written agreement can't eliminate this, but it can address how that risk is allocated and managed between partners.