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The Delaware partnership agreement is a legal document made between the business partners to define their roles, rights, and responsibilities in their business venture.
Partnerships are usually established because the partners have different resources they want to put together so they can establish a certain business.
The partnership agreement, or partnership deed, is especially useful in these situations since it enables the parties to determine what the contributions of each partner are to a certain business entity and what rights they have based on these contributions.
In Delaware, the partnership agreement is also often referred to as the partnership contract or the articles of partnership.
Delaware Partnership Agreement Types
Here, you can find different partnership agreement types used in Delaware:
Types of Partnership Agreement
General Partnerships (GP): With this type of partnership, all partners participate in decision-making, and they all have unlimited liability for the business operations with their personal assets. (§ 17-401)
Limited Partnership (LP): This is the partnership between the general partners, who have unlimited liability for the business operation and are able to make decisions, and the limited partners, who are not able to make decisions but have limited liability. (§ 17-101 to § 17-113)
Limited Liability Partnership (LLP): Here, all partners have equal authority to make decisions, and they are liable only for actions they have personally taken within the partnership. (§ 15-1001 to § 15-1004)
Delaware Partnership Agreement Requirements
The Delaware partnership agreement format should include the following:
Mandatory Requirements
Information about the partners
Details about the beginning and end of the business partnership
Information about the contributions of each partner
Description of each partner's role in the partnership
Information about each partner’s management or voting rights
Rules on how the profits are distributed between the partners
Rules on how the eventual business losses will be covered