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The New York partnership agreement is a document that outlines the essential details of the relationship between the partners within the business partnership.
Partners often choose to create a partnership agreement or partnership contract to minimize the possibility of any misunderstandings or disputes in the future since the document will provide all the guidelines and important information about the operation of their business partnership.
This often includes information about their contribution to the partnership, as well as their profit share and other rights and duties within the business organization.
The partnership agreement is also often called the partnership deed or the articles of partnership.
New York Partnership Agreement Types
In New York, partners can choose between the various types of partnership agreements:
Types of Partnership Agreement
General Partnership (GP): This type of partnership enables all partners to participate in the decision-making process. However, they all have unlimited liability for the operations of the business entity with all of their personal assets. (Chapter 39, §1 to §126)
Limited Partnership (LP): This is the partnership between one or more general partners, who are able to make decisions and have unlimited liability for the business operations, and one or more limited partners, who are not able to make decisions but have limited liability. (Chapter 39, Article 8-A, §121-101 to §121-1300)
Limited Liability Partnership (LLP): Here, all partners equally participate in the decision-making process, and they are all protected from liabilities caused by the actions of other partners. (Chapter 39, Article 8-B, §121-1500 to §121-1507)
New York Partnership Agreement Requirements
The New York partnership agreement format should include the following:
Mandatory Requirements
Names and mailing addresses of the partners
Information about the date of formation of the partnership
Details on the initial investment of each partner
Description of each partner's role in the partnership
Information on each partner's managing or voting rights
Details on how the profits are distributed between the partners
Information on how the eventual business losses will be covered
Optionally, information on how the partnership will eventually be dissolved
Details on the business accounts of the partnership