Updated March 19, 2024
A Connecticut partnership agreement is a legal document that dictates the terms of a business relationship among two or more owners of a company. Valid only when signed by all parties, partnership agreements outline the ownership share, liability, and general business duties of each partner. Under a general partnership, each partner shares liability equally, while liability may vary among partners in a Limited Partnership arrangement.
“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 Companies (LLC)[5]