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The Alaska partnership agreement is a legal document created between the business partners to determine their rights and duties in their business relationship.
The partnership agreement, or partnership contract, is most often used for defining the management rights of each partner, profit and loss sharing, rules for the eventual dissolution of the partnership, and more.
All of the terms outlined in the partnership contract can help the partners when filing their tax reports and can prevent potential disputes between them. In practice, most people refer to this document as a “partnership deed” or “articles of partnership.”
Alaska Partnership Agreement Types
Depending on the nature of their business and the amount of liability and management rights they want to have in their business organization, the partners can choose between the following partnership agreement types:
Types of Partnership Agreement
General Partnerships (GP): All partners bear personal responsibility for the business with all of their assets, and they all participate in the decision-making process.
Limited Partnership (LP): This is a partnership between the general partners, who have decision-making powers and are fully liable with their assets, and the limited partners, who have limited liability and decision-making powers. (§ 32.11.010)
Limited Liability Partnership (LLP): Here, all partners make decisions equally and have limited liability only for the decisions they have personally made. (§ 32.06.911)
Limited Liability Companies (LLC): Liability is limited to the amount of each partner’s investment, and they can decide to make decisions themselves or authorize another person to manage the company. (AS 10.50)
Alaska Partnership Agreement Requirements
The Alaska partnership agreement format should include the following elements:
Mandatory Requirements
Full names and mailing addresses of the partners
Information about the beginning and end of the partnership
Contributions of each partner
Description of each partner's role in the partnership
The voting process in the business partnership
Information on who has the signing authority in the business entity
Details on how the profits are distributed between the partners
Rules on how the eventual business losses will be covered