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The Iowa partnership agreement is a legal document made between the business partners to define their roles, rights, and duties in the business venture they are establishing.
Partnerships are usually formed because the partners have different resources, such as know-how, certain capital, or equipment, that they want to put together and start a business.
The partnership agreement, or partnership deed, is particularly useful in these situations since it enables the parties to determine what each partner's contribution to the business is and determine their rights and profit share based on these contributions.
In Iowa, the partnership agreement is also often referred to as the partnership contract or the articles of partnership.
Iowa Partnership Agreement Types
Here, you can find different partnership agreement types used in Iowa:
Types of Partnership Agreement
General Partnership (GP): With this type of partnership, all partners can participate in a decision-making process, and they all have unlimited liability for the business operations with their personal assets. (§ 486A.901.1)
Limited Partnership (LP): This is the partnership between the general partners, who have unlimited liability for the business operations and are able to make decisions, and the limited partners, who are not able to make decisions but have limited liability for the business operations. (§ 488.201)
Limited Liability Partnership (LLP): Here, all partners can equally make decisions, and they are liable only for actions they have personally taken within the partnership. (§486A.1001)
Iowa Partnership Agreement Requirements
The Iowa 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