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The Wisconsin partnership agreement is a legal document that defines all the details of how the partners will collaborate within their business partnership. It defines their initial investment, management, and voting rights, as well as the responsibilities within the business partnership.
The partnership agreement, or partnership deed, is often used in the process of business expansion or in the process of loan application before financial institutions.
This gives them an overview of the internal structure of the business and the relations between the partners, which is crucial to their decision to invest in or give a loan to the partnership.
In Wisconsin, the partnership agreement is also referred to as the “partnership contract” or the “articles of partnership.”
Wisconsin Partnership Agreement Types
This section provides different types of partnership agreements that can be used in Wisconsin:
Types of Partnership Agreement
General Partnership (GP): This type of partnership enables all partners to take part in the decision-making process. However, all the partners are liable for the business operation with all of their personal assets. (§ 179.0401 to § 179.0409)
Limited Partnership (LP): Here, the partnership is formed between one or more general partners, who have decision-making powers and have unlimited liability for the operation of the partnership, and one or more limited partners, who don’t have decision-making powers but don’t have unlimited liability for the partnership either. (§ 179.0301 to § 179.0306)
Limited Liability Partnership (LLP): It enables all partners to have equal decision-making powers. Moreover, partners are not liable for the damages caused by the negligence and actions of other partners. (§ 178.0901 to § 178.0913)
Wisconsin Partnership Agreement Requirements
The Wisconsin partnership agreement format should include the following:
Mandatory Requirements
Each partner’s full name and mailing address
Information about the date of formation of the partnership
Details on the initial contribution of each partner
Description of each partner's role in the partnership
Information on each partner's managing or voting rights
Details on how the profits are distributed between the partners
Rules on how the eventual business losses will be covered
Information on the business accounts of the partnership