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The Oregon partnership agreement is a legal document that defines all the details of how the partners will operate within their business establishment. It defines their initial contribution, rights, and responsibilities within the business partnership.
The partnership agreement, or the articles of partnership, are often used in the process of business expansion or in cases where the partnership is applying for a business loan with a financial institution.
The third parties will need to see the partnership agreement and get familiar with the structure and operation of the business partnership before deciding to move forward with their cooperation.
In Oregon, the partnership agreement is also commonly called the partnership contract or the partnership deed.
Oregon Partnership Agreement Types
This section provides different types of partnership agreements that can be used in Oregon:
Types of Purchase Agreement
General Partnership (GP): This type of partnership enables all partners to participate in the decision-making process. However, they are all liable for the business operation with all of their personal assets. (§ 67.005 to § 67.990)
Limited Partnership (LP): Here, the partnership is formed between the general partners, who have decision-making powers and have unlimited liability for the operation of the partnership, and the limited partners, who don’t have decision-making powers but don’t have unlimited liability for the partnership either. (§ 70.005 to § 70.990)
Limited Liability Partnership (LLP): It enables all partners to have equal decision-making powers. Moreover, partners are not liable for the damages caused by the negligence and actions of other partners. (§ 67.600 to § 67.680)
Oregon Partnership Agreement Requirements
In Oregon, the partnership agreement format will include the following elements:
Mandatory Requirements
Information about the partners
Name and registered address of the partnership
Date of partnership establishment
Details about each partner’s initial investment in the partnership
Information about each partner’s management and voting rights
Rules on profit distribution
Information about the accounts of the partnership
Conditions that must be fulfilled before the eventual partnership expansion
Rules on how the partners will cover eventual losses