Download Texas Partnership Agreement Templates [PDF]

Set up your business in Texas fast and hassle-free by using our specially designed and customizable Texas partnership agreement template.

Last update: 25 Jan 2024

Download Texas Partnership Agreement Templates [PDF]

The Texas partnership agreement is a legal document made between two or more partners that defines details on each partner's initial contribution, rights, and duties in the business partnership they are establishing.

Commonly, a business partnership is established between two or more partners who each have different resources, such as know-how, equipment, or capital. With this document, they all define how they will join their resources and fulfill their common business goals.

The Texas partnership agreement is also known as:

Other Names for Texas Purchase Agreement

  • Texas partnership contract

  • Texas articles of partnership

  • Texas partnership deed

Texas Partnership Agreement Types

Here, you can find different partnership agreement types used in Texas:

Types of Purchase Agreement

  • General Partnership (GP): Here, all partners are able to participate in a decision-making process. However, they all have unlimited liability for business operations with all of their personal assets. (Chapter 152)

  • Limited Partnership (LP): This is the partnership between the general partners, who have unlimited liability for the business operations and are able to make decisions, and the limited partners, who are not able to make decisions but are not fully liable for the business operations. (Chapter 153)

  • Limited Liability Partnership (LLP): Here, all partners equally make decisions, and they are liable only for actions they have personally taken within the partnership. (Chapter 153, Subchapter H)

Texas Partnership Agreement Requirements

The Texas partnership agreement format should include the following:

Mandatory Requirements

  • Full names and mailing addresses of the partners

  • Date of establishment of the business partnership

  • Information about the initial contribution of each partner

  • Description of each partner's role in the partnership

  • Information about management or voting rights of each partner

  • Rules on how the profits will be distributed between the partners

  • Rules on how the eventual business losses will be covered

  • Details on how the partnership will eventually dissolve (optional)

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