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The Arizona partnership agreement is a legal document used by the business partners to define their rights and duties in their business organization.
The form of the partnership agreement, or partnership deed, will largely depend on the business model that the partners have and the federal and state laws that regulate the business formation.
This document will then formalize all the details regarding the decision-making process, the distribution of profit and loss, the capital contribution of each partner, and more.
When referring to the partnership agreement, people often use terms like “partnership contract” or “articles of partnership.”
Arizona Partnership Agreement Types
Here, you can find the most commonly used types of Arizona partnership agreements:
Types of Partnership Agreement
General Partnerships (GP): Here, all partners have decision-making rights, and they all have unlimited liability with their personal assets. (ARS 29-322)
Limited Partnership (LP): This is a partnership between the general partners, who can make decisions but are liable with all their personal assets, and the limited partners, who are not able to make decisions but have limited liability. (ARS 29-317)
Limited Liability Partnership (LLP): All partners are protected from liabilities caused by the decisions of other partners, and they all have equal decision-making rights. (ARS 29-367)
Limited Liability Companies (LLC): Here, the partners can make decisions themselves or authorize another person to manage the company. Moreover, they are all liable for the business up to the amount of their investment. (ARS 29-3201)
Arizona Partnership Agreement Requirements
Here, you can find the requirements for what the Arizona partnership agreement format should include:
Mandatory Requirements
Information about the partners
Details on when the business partnership will start and dissolve (if applicable)
Information about the contributions of each partner
Details on the decision-making process in the business entity
Rules on how the profits are distributed between the partners
Rules on how the eventual business losses will be covered