The New Hampshire partnership agreement is a legal document made between two or more business partners that provides details about their contributions, rights, and responsibilities in the business venture they are establishing.
Partnerships are usually established between partners that have different resources that can be joined together with the common goal of conducting a certain business. These resources are usually financial capital, equipment, know-how, and more.
In New Hampshire, the partnership agreement is often referred to as:
Partnership Agreement Synonyms
New Hampshire partnership contract
New Hampshire partnership deed
New Hampshire articles of partnership
New Hampshire Partnership Agreement Types
Here, you can find different partnership agreement types used in New Hampshire:
Types of Partnership Agreement
General Partnership (GP): Here, all partners are able to participate in a decision-making process. However, they all have unlimited liability for business operations with all of their personal assets. (Section: 304-A:1 to A:62)
Limited Partnership (LP): This is the partnership between the general partners that have unlimited liability for the business operations and have decision-making powers and the limited partners that don’t have decision-making powers but have limited liability for the business operations. (Section: 304-B:1 to B:64)
Limited Liability Partnership (LLP): Here, all partners equally participate in the decision-making process, and they are liable only for actions they have personally taken within the partnership. (Section 304-A:15)
New Hampshire Partnership Agreement Requirements
The New Hampshire partnership agreement format should include the following:
Mandatory Requirements
Details about the partners
Information about the date of establishment of the business partnership
Details about the initial investment 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 will be distributed between the partners
Rules on how the eventual business losses will be covered
Details on how the partnership will eventually dissolve (optional)