Updated March 19, 2024
An Arkansas partnership agreement is a contract among two or more participants that governs each partner’s ownership stake, duties, and liability. Depending on the agreement structure (General versus Limited), parties to the agreement may have varying levels of liability. Partnership agreements are binding only when signed by all parties to the contract.
“Partnership Agreement” Definition
“Partnership agreement” means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement.[1]
Allowed Partnership Types
- General Partnerships (GP)[2]
- Limited Partnership (LP)[3]
- Limited Liability Partnership (LLP)[4]
- Limited Liability Limited Partnership (LLLP)[5]
- Limited Liability Companies (LLC)[6]