A partnership is the most common type of joint business venture in the United States. Normally formed by individuals, a partnership can also be formed between business entities. The heart of any partnership is an agreement to engage in business activities for the mutual enrichment of the partners. To this end it is wise, as with all agreements, to reduce the terms and conditions thereof to a written contract.
Such a contract is known as a Partnership Agreement, and is the central binding document of the relationship. Unlike a corporation or LLC, a partnership (typically) requires no filing of official forms with the Secretary of State or Business Division of state government (there are exceptions). Since 1997 US Legal has provided small business people with the right forms and information for your state’s specific law.
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