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Partnership Agreement - Explained

What are the key provisions?

Written by Jason Gordon

Updated at September 25th, 2021

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Table of Contents

What is a partnership agreement?Academic Research

What is a Partnership Agreement?

A partnership agreement is a written contract between the partners that controls or governs partnership operations. The partnership agreement generally covers all major aspects of the business, including:

  • ownership interests,
  • partner contributions,
  • rights to profits and losses,
  • partner responsibility,
  • authority of each partner,
  • partnership decision making,
  • procedures for partners entering or exiting the partnership, resolution of disputes, etc.

Back To: BUSINESS ENTITIES, CORPORATE GOVERNANCE, & OWNERSHIP

These same provisions apply to Joint Venture Agreements. Because a joint venture is between two or more business entities, there may be special considerations for each of the above-referenced concerns. Notably, joint venture agreements may have a finite life. This is similar to term partnership (as opposed to at-will partnerships).

Related Topics

  • Uniform Partnership Act
  • Uniform Limited Partnership Act
  • Partnership Agreement
  • At-Will Partnerships
  • Responsibilities of Partners to the Partnership
  • Silent Partner
  • Funding the Partnership
  • How are Partners Compensated
  • Splitting Equity in an Industrial Partnership
  • Terminating the Partnership
  • Types of Partnerships
  • What are the main characteristics of a General partnership?
  • Tort Liability of General Partner
  • What are the main characteristics of a Joint venture?
  • What are the main characteristics of a Limited partnership?
  • Family Limited Partnership
  • Master Limited Partnership
  • What are the main characteristics of a Limited liability partnership?

Academic Research



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