Individuals looking to form either a limited partnership (LP) or a limited liability partnership (LLP) in Massachusetts are not legally required to file a partnership agreement, however we strongly recommend that one be drafted in the case of every new partnership formation. The document is all-but essential, given that it very well could be the sole source of information and regulation relating to the fiscal and logistical structure of your partnership. In layman’s terms, it sets out who owns what / gets what when, as well has who is responsible for what. It likewise lays out the meeting schedule, if any, of the partnership and any other organizational regulations the partners agree to abide by. This document could save your entity miles of headaches in the form of litigation in the future by making the structure and wealth division crystal clear from the outset. Feel free to use our free template, located below in PDF and MS Word format, to draft your own partnership agreement today.