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The Idaho partnership agreement is a legal document that governs all the activities of business partners within the business entity to ensure smooth collaboration between them.
State law doesn’t provide detailed provisions on the business partnership operation and, therefore, leaves it to the business partners to provide details on their rights and duties within the entity.
Therefore, the partnership agreement, or partnership contract, can be a crucial document that customizes state norms and prevents misunderstandings between the business partners.
The Idaho partnership agreement is also commonly called the “partnership deed” or the “articles of partnership.”
Idaho Partnership Agreement Types
In Idaho, partners can choose between the various types of partnership agreements:
Types of Partnership Agreement
General Partnerships (GP): This type of partnership enables all partners to participate in the decision-making process. However, here, they all have unlimited liability for the business operation with all of their personal assets. (§ 30-23-102)
Limited Partnership (LP): This is the partnership between the general partners, who can make decisions and have unlimited liability for the business operations, and the limited partners, who cannot make decisions but have limited liability. (§ 30-24-102)
Limited Liability Partnership (LLP): Here, all partners have equal decision-making powers, and they are protected from liabilities caused by the actions of other partners. (§ 30-23-901 – 906)
Idaho Partnership Agreement Requirements
The Idaho partnership agreement format should include the following:
Mandatory Requirements
Names and mailing addresses of the business partners
Details about the business activities of the business entity
Information on initial investment of each partner
Rules on how the business entity will be managed
Information on how the profits are shared between the partners
Details on how the partners will cover eventual business losses