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Partnership Agreement - Explained
What are the key provisions?
Updated at April 20th, 2024
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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.
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).
- Business Entities (Intro)
- Why is studying business entities important?
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- Holistic (Detailed) Overview of Setting Up a Business Entity
- What are Business Entities?
- What is a Closely-held vs Publicly-held Business?
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- What are the primary characteristics of business entities?
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- Promoter
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- De Jure Corporation
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- What is Maintenance of a business entity?
- What is Continuity of a business entity?
- Business Continuity Planning
- Buy Sell Agreements
- Shotgun Clause
- Winding Up
- Dissolving a Foreign Qualification
- What is the Ownership structure of a business entity?
- Joint Stock Company
- Parent Company
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- What is Control of a business entity?
- What is Personal liability of owners of a business entity?
- Entity Theory
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- What is Compensation of business owners?
- What is Taxation of a business entity?
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- What are the major characteristics of a Sole proprietorship?
- 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?
- What are the main characteristics of a Limited liability company?
- Forming an LLC
- Articles of Organization
- Operating Agreement or LLC Agreement
- Why You Need an LLC Agreement
- LLC Compensation of Members
- LLC Taxation
- Converting to an LLC
- What are the main characteristics of a Corporation
- Articles of Incorporation
- What to include in the Articles of Incorporation
- Corporate Bylaws
- Exiting the Corporation
- Dissenter's Rights
- What are the requirements to be an S Corporation?
- Non-Profit Organization
- NonProfit Business Entities
- Private Foundation
- A Detailed Explanation of the Sole Proprietorship
- Taxation of Sole Proprietorship
- A Detailed Explanation of the General Partnership
- 50/50 Partnerships: Never a Good Idea
- Publicly-Traded Partnerships
- A Detailed Explanation of the Limited Liability Company
- A Detailed Explanation of the Corporation
- Keepwell Agreement (Letter of Comfort)
- Personal Service Corporation Definition
- A Detailed Explanation of the Non-Profit Entity
- Public Limited Company (UK)
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