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Partnership Agreement

Partnership Agreement

A ‘Partnership’ is formed when two or more persons carry on a business with a common interest of making profit. The partners can usually be either individuals or incorporated bodies.


General Partnership Agreement

In General Partnership the partners collectively own the assets of the partnership and are each individually liable for the debts and liabilities of the partnership. Each partner is personally liable for the full amount of debt owing by the partnership without any limit. Partners are taxed individually on their share of the partnership’s profits.


Limited Partnership Agreement

The Limited Partnership is a partnership that consists of one or more 'general partners' and one or more 'limited partners'. A limited partner is any partner who shall not be liable for the debts or obligations of the firm beyond the amount of his agreed contribution. Anyone who is not a limited partner of an LP is a general partner.


In this section: Partnership Deed, Partnership Contract, Partnership Agreement, limited Partnership, General Partnership

Disclaimer: This website is intended for educational puposes only.The contract samples, agreement samples and legal information presented herein are illustrative materials only. They are not recommendations or sugestions, but only samples of clauses used in some contracts. You should not utilize a sample without consulting a legal expert.

 

Partnership Deed, Partnership Contract, Partnership Agreement, limited Partnership, General Partnership