A partnership agreement is meant to relay the relationship between partners and between partners and the partnership. That is to say, all rules and regulations under which the managing members of the partnership will be required to operate. It will indicate the capitalization of each initial partner, the nature of capital accounts, the nature of the management, the application of assets following liquidation and any other bylaw relating to the organization of the entity.¬†We highly recommend reviewing our free template, linked below in Adobe PDF and Microsoft Word formatting, to see if it wouldn’t assist you in drafting an agreement of your own. It should be noted that this is not a legally required document in Kentucky and it should be filed internally and not with the Secretary of State once completed.