A partnership agreement involves two or more persons who agree to go into business partnership together as co-owners. The simplest type of partnership is a general partnership; although, there are other partnership types, including joint ventures, which are formed for a specific, limited purpose or for a limited period of time. Limited partnerships (LLP) are essentially the same as limited liability companies (LLC), except that an LLP is specifically designed for use by certain professions, and the limited partners must remain passive investors; whereas, an LLC's members may be actively involved in the entity's management, control, and partnership agreement conditions. Access more information here in the partnership law practice center."
Find an Partnership attorney in your area.
