MEDP 299.XX Hunter College at the City University of New YorkPosts RSS Comments RSS

What Is A Formal Partnership Agreement

Partnerships can be general trading companies or limited partnerships. Limited partnerships consist of one or more general partners and one or more limited partners. A general partner actively manages the business and can contribute capital to the company. A limited partner will contribute capital to the partnership, but will not play an active role in the management of the business. A general partnership consists only of additional partners, all of whom are liable, without limitation, for the debts and obligations of the company. Our articles are intended for a general partnership and cannot be used by a limited partnership. Formal partnership agreements are documents that describe the basic information of partnership companies. These agreements have advantages as they help partners avoid complications and confusion regarding their roles and duties in their companies. . . .

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