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The Nevada partnership agreement is a legal document that outlines all the rules of the business partnership organization in Nevada.
Although the partnership agreement or partnership deed is not always required in a certain state for business partnership formation, the partners often choose to draft one since federal and state laws don’t provide many detailed provisions on how the business partnership should be operated.
Therefore, the partners often choose to create this kind of document to customize the federal and state laws and provide more details on how their partnership will be organized and operated.
The Nevada partnership agreement is, in practice, also called the “articles of partnership” or the “partnership contract.”
Nevada Partnership Agreement Types
In Nevada, there are several 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 are all responsible for the business liabilities with all of their personal assets. (NRS 87.010 to NRS 87.430 and NRS 88.445 to NRS 88.465)
Limited Partnership (LP): This is a partnership between the general partners, who have decision-making powers but are fully liable for the partnership operations with all of their personal assets, and the limited partners, who have limited liability for the partnership operation and limited decision-making powers. (NRS 88.010 to NRS 88.415 and NRS 88.420 to NRS 88.440)
Limited Liability Partnership (LLP): Here, all partners equally participate in the decision-making process, but their liability is limited only to the decisions they have personally made. (NRS 87.440 to NRS 87.540)
Nevada Partnership Agreement Requirements
In Nevada, the partnership agreement format will include the following elements:
Mandatory Requirements
Details about the partners
Name and registered address of the partnership
Date of partnership formation
Information on each partner’s initial investment
Information on each partner’s management and voting rights
Rules on profit distribution
Details on how the partners will cover eventual losses
Information on how the partnership will eventually dissolve (optional)