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The South Carolina partnership agreement is a legal document that governs all the activities of the partners within the business partnership. This enables smooth cooperation between the business partners and prevents any misunderstandings or disputes between them.
Federal and state laws often don’t provide detailed provisions for a business partnership. This leaves space for the business partners to determine their internal organization according to their specific business model.
The South Carolina partnership agreement is also called:
Other Names for South Carolina Purchase Agreement
South Carolina partnership deed
South Carolina partnership contract
South Carolina articles of partnership
South Carolina Partnership Agreement Types
South Carolina provides different types of business partnerships that partners can establish according to the nature of their business operations:
Types of Purchase Agreement
General Partnership (GP): The main feature of this type of partnership agreement is that all general partners have decision-making powers, and they are all liable for the business operations with all of their personal assets. (Title 33, Chapter 41, § 10 to § 1330)
Limited Partnership (LP): Here, the partnership is established between one or more limited partners that are not able to make decisions but have limited liability for the business operation and one or more general partners that are able to make decisions but have unlimited liability for the business operation. (Title 33, Chapter 42, § 10 to § 2140)
Limited Liability Partnership (LLP): This type of partnership enables all partners to participate in the decision-making process. Moreover, their liability is limited only to the damages caused by their own actions. (Title 33, Chapter 41, §370, § 1110, and §1220)
South Carolina Partnership Agreement Requirements
The South Carolina partnership agreement format should include the following:
Mandatory Requirements
Full names and mailing addresses of the business partners
Information about the business activities of the partnership
Details on the initial contribution of each partner
Rules on how the business entity will be managed
Information on how the profits are shared between the partners
Details on the accounts of the business partnership
Rules on how the partners will cover eventual business losses
Requirements that have to be fulfilled for partnership expansion