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The Washington partnership agreement is a legal document that governs all the activities of the partners within the business partnership. This document enables smooth cooperation between the partners and prevents future misunderstandings and disputes between them.
Federal and state laws often don’t provide detailed provisions for business partnership operations. In this way, partners are given the freedom to determine all the details of how their partnership will operate based on their specific business model.
The Washington partnership agreement is also called:
Other Names for Washington Purchase Agreement
Washington partnership contract
Washington articles of partnership
Washington partnership deed
Washington Partnership Agreement Types
This section provides a list of all partnership agreement types used in Washington:
Types of Purchase Agreement
General Partnership (GP): Here, all partners are able to participate in a decision-making process. However, when it comes to liability, they are all liable for the business operations with all of their personal assets. (Chapter 25.10, § 371 to § 441)
Limited Partnership (LP): This is a business partnership between one or more general partners, who have unlimited liability for the business operations and have decision-making powers, and one or more limited partners, who don’t have decision-making powers but have limited liability for the business operations. (Chapter 25.10, § 301 to § 351)
Limited Liability Partnership (LLP): The main feature of this type of business partnership is that all partners equally participate in the decision-making process, and they are not liable for damages caused by the actions of other partners. (Chapter 25.05, § 500 to § 536)
Washington Partnership Agreement Requirements
The Washington 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
Information on how the business entity will be managed
Rules 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