The partnership agreement is a contract that outlines the voluntary agreement between two or more individuals to form a partnership. This agreement can be written, oral, or implied, and it is sometimes referred to as the articles of co-partnership. The articles of co-partnership include important information about the partnership, such as:
- The location and purpose of the business
- The date of establishment
- The names and capital contributions of the partners
- The rights and duties of the partners
- The method of sharing net income or net loss
- The process for withdrawing assets
- The procedure for resolving disputes through arbitration
- The process for adding or withdrawing partners
- The rights and duties of surviving partners in the event of a partner's death.