Partnership agreements

What is a partnership agreement?

There are two main types of partnerships: General partnerships, and Limited partnerships.

General partnerships are created when two or more individuals agree to create a business for profit and each partner could contributes money, property, skill, or labor to the business and equally shares the business assets, profits, and losses.

Limited partnerships are created by following certain specific procedures set out by state statutes. Further, states and local rules may require businesses to obtain business licenses or permits before they can begin operation..

Do you need an attorney to help with a partnership agreement?

Yes. Entering into a partnership can be a complex process with several legal formalities. An attorney can help ensure that your interests are represented in the agreement.

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