We here at Start a Business always recommend that newly formed partnerships consider the many benefits of incorporating a partnership agreement into the business structure of their new entity. This will allow for the clarification of the various rules and regulations you choose to put in place for the managing members of your partnership. All provisions not already stated in the initial formation documents can be relayed in our free template found linked below. This is not a legally obligatory document in New Mexico and therefore you will not need to file it with the Secretary of State. However, we recommend that you review it with your attorney and implement it into the management of your partnership’s internal affairs.