Articles of Partnership lay out the nature of the agreement entered into by partners in business entity.
Also called a ‘partnership agreement,’ articles of partnership plainly describe the nature of the partnership, which partners are General Partners and which are Limited Partners, and other important details. Partnerships can take the form of Limited Liability Partnerships, General Partnerships, and even S Corporations (but those file articles of incorporation instead).
General Partners are fully liable for the debts of the business, while limited partners are only liable to the extent of their original invested amount. Limited partners might be silent partners or angel investors. It is important to have a agreements and contingency plans in writing before conducting any business, or at least early on.
Buy-sell arrangements and exit strategies may be laid out. The extent of each partner’s liability and participation in profits should be detailed as well. Voting and decision-making power should be outlined, along with an idea of the accounting methods to be used.
The document does not have to be submitted to the Secretary of State in most states but it can serve as a legal document if signed by all partners.
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