![Download Texas Partnership Agreement Templates [PDF]](/_next/image?url=%2Fimages%2Fdocuments%2Fplaceholder-general.png&w=3840&q=75)
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)