Download Kentucky Partnership Agreement Templates [PDF]

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