Download Kentucky Partnership Agreement Templates [PDF]

Simplify the process of drafting the Kentucky partnership agreement by using our advanced and professional partnership agreement builder.

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Kentucky
Customized for KentuckyThis document may be legally binding in Kentucky according to your state specific regulations.
  • Used times
  • Last reviewed at April 27th
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The Kentucky partnership agreement is a legal document that serves as the formalization of the agreement between the business partners on their rights and responsibilities within the business partnership.

This includes details on what each partner will contribute to the business entity and their management or voting rights, share of profit, and liability based on the contribution they have made. Moreover, the document will include overall details and rules for the business operation.

In Kentucky, the partnership agreement is also referred to as:

Partnership Agreement Synonyms

  • Kentucky partnership deed

  • Kentucky articles of partnership

  • Kentucky partnership contract

  • Kentucky business partnership agreement

Kentucky Partnership Agreement Types

In Kentucky, there are different types of partnership agreements that partners can choose from:

Types of Partnership Agreement

  • General Partnership (GP): Here, all partners are able to participate in the decision-making process. However, they all have unlimited liability for the business operation with all of their personal assets. (§362.150 to §362.360)

  • Limited Partnership (LP): This type of partnership agreement forms a partnership between the general partners, who are able to make decisions and have unlimited liability for the operation of the partnership, and the limited partners, who are not able to make decisions but have limited liability. (§362.401 to §362.550)

  • Limited Liability Partnership (LLP): Here, all partners have equal decision-making powers, and they are protected from liabilities caused by the negligence and actions of other partners. (§362.555 to §362.710)

Kentucky Partnership Agreement Requirements

The Kentucky partnership agreement format should include the following:

Mandatory Requirements

  • Names and mailing addresses of the partners

  • Information on what type of partnership the partners are establishing

  • Information about the beginning and end of the business partnership

  • Details about the contributions of each partner

  • Description of each partner's role in the partnership

  • Information about each partner’s management or voting rights

  • Details on how the profits are distributed between the partners

  • Rules on how the eventual business losses will be covered

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