What Is a Partnership Agreement Called

A partnership agreement is a legal document that defines the terms and conditions set forth in a partnership. In essence, it lays out the agreement between two or more parties who wish to join forces and establish a business together. But have you ever wondered what a partnership agreement is called?

Well, the answer is quite simple: it`s called a partnership agreement. However, depending on your location and industry, it may also be referred to as a few different names. Some of the most common names for a partnership agreement include:

1. Partnership Deed: This term is commonly used in India and the United Kingdom to refer to a legal document that establishes a partnership between two or more parties.

2. Articles of Partnership: This term is commonly used in the United States and Canada to refer to a legal document that outlines the terms and conditions of a partnership.

3. Operating Agreement: While this term is usually used to refer to the agreement that outlines the operations of a limited liability company (LLC), it can also refer to the partnership agreement.

No matter what it`s called, a partnership agreement is an essential document for any business partnership. It outlines the responsibilities and obligations of each partner, the decision-making process, and the distribution of profits and losses.

If you`re considering starting a partnership, it`s crucial to have a well-drafted partnership agreement in place. An experienced attorney can help you create a partnership agreement that meets your specific needs and protects your interests.

In conclusion, a partnership agreement can be called by a few different names, depending on where you are in the world. However, the most common name for this critical legal document is a partnership agreement itself. So, if you`re starting a business partnership, be sure to draft a partnership agreement and consult with an attorney to ensure it`s done correctly.