Download South Carolina Partnership Agreement Templates [PDF]

Make the process of establishing your partnership in South Carolina seamless by using our South Carolina partnership agreement template.

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South Carolina
Customized for South CarolinaThis document may be legally binding in South Carolina according to your state specific regulations.
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  • Last reviewed on April 27th
partnership-agreement

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

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