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The Florida partnership agreement is a legal document that defines all the details of how the business partners will operate within the business entity.
The partnership agreement, or articles of partnership, is often used when applying for loans from financial institutions or in the process of business expansion since potential investors often want to see the existing relationship in the business partnership before investing.
In Florida, this document is also commonly called the “partnership contract” or the “partnership deed.”
Florida Partnership Agreement Types
This section provides different types of partnership agreements that can be used in Florida:
Types of Partnership Agreement
General Partnerships (GP): Here, all partners have decision-making powers, and they all have unlimited liability for the business operations with all of their assets. (§ 620.1404)
Limited Partnership (LP): Here, the partnership is formed between the general partners, who have unlimited liability for the business operation and have decision-making powers, and the limited partners, who don’t have decision-making powers but have limited liability. (§ 620.1201)
Limited Liability Partnership (LLP): Here, all partners have equal authority to make decisions, and they are not liable for their partners' negligence. (§ 620.8106)
Florida Partnership Agreement Requirements
In Florida, the partnership agreement format will include the following elements:
Mandatory Requirements
Information about the partners
Name and registered address of the partnership
Date of partnership formation and dissolution
Details about each partner’s contribution
Information about each partner’s management rights
Rules on profit distribution
Information about the accounts of the partnership
Conditions that must be fulfilled before the eventual partnership expansion
Information on how the partners will cover eventual losses