A partnership agreement is used to form a general partnership or a limited liability partnership (LLP). This agreement sets forth the partnership name, its purpose, and how it will be managed. Additionally, the partners should state how the partnership will be capitalized, how profits and losses will be allocated, and what restrictions will be placed on the transfer of interest in the partnership. If the parties elect to terminate the partnership, the agreement should state how the partnership may be dissolved, and what procedures need to be followed to wind up and liquidate the partnership.
Research Partnership Agreement