Download Pennsylvania Partnership Agreement Templates [PDF]

Simplify the process of making the Pennsylvania partnership agreement by downloading our legally reviewed partnership agreement template.

Last update: 25 Jan 2024

Download Pennsylvania Partnership Agreement Templates [PDF]

The Pennsylvania partnership agreement is a legal document that serves as the formalization of the agreement between two or more partners with the common goal of establishing a business partnership.

The partnership agreement, or partnership deed, usually includes information about the partners, their initial investment, and their management, voting, and profit-sharing rights based on their investment. This prevents potential misunderstandings and disputes between the partners in the future.

The partnership agreement is also referred to as the partnership contract or the articles of partnership.

Pennsylvania Partnership Agreement Types

In Pennsylvania, there are different types of partnership agreements that partners can choose from:

Types of Purchase Agreement

  • General Partnership (GP): It enables all partners to participate in the decision-making process. However, they all have unlimited liability for business operations with all of their personal assets. (Title 15, Chapter 84, § 8411 to § 8486)

  • Limited Partnership (LP): Here, the partnership is formed between one or more general partners, who have unlimited liability for the business operation and have decision-making powers, and one or more limited partners, who don’t have decision-making powers but have limited liability. (Title 15, Chapter 86, § 8611 to § 8695)

  • Limited Liability Partnership (LLP): With this type of partnership agreement, all partners have equal authority to make decisions, and they are not liable for their partners' negligence. (Title 15, Chapter 82, § 8201 to § 8244)

Pennsylvania Partnership Agreement Requirements

The Pennsylvania partnership agreement format should include the following

Mandatory Requirements

  • Details about the identity of the business partners

  • Information on what type of partnership is being established

  • Date of establishment of the business partnership

  • Information 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

  • Details on how the profits are distributed between the partners

  • Rules on how the partners will cover eventual business losses

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