Business Definition for: partnership agreement
partnership agreement
written agreement among partners specifying the conduct of the partnership, including the division of earnings, procedures for dividing up assets if the partnership is dissolved, and steps to be followed when a partner becomes disabled or dies. Investors in
limited partnerships
also receive partnership agreements, detailing their rights and responsibilities.
partnership agreement
Related Terms:
formal document drawn up by partners indicating significant and important aspects of the partnership. Items included are capital contributions, profit and loss ratios, name of the enterprise, duration of relationship, and individual duties.
Copyright © 2006, 2003, 1998, 1995, 1991, 1987, 1985 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.