It is advisable, though not legally mandatory, that the partners of a newly registered business draft, agree to, sign, and personally file a partnership agreement during the formation process of the entity. Similar in nature to corporate bylaws or operating agreements, this agreement solidifies the organization of a partnership by putting into writing the nature in which the business and its members shall operate. It serves as a guideline, or a rule book, that will dictate not only the responsibilities and rights of the general partners but also all provisions relating to management of the partnership’s affairs. It is essential that the terms of a partnership agreement do not contradict with any state law or the contents of the previously filed Certificate of Partnership.
Below we’ve offered the two most common formats for files of this nature; Word and Adobe PDF. Fill in the necessary fields, have each partner agree to it’s terms before signing and filing it for personal reference. We highly recommend having your attorney review the completed template to ensure that it is everyone’s best interest to sign and to confirm it’s legality.