Updated February 11, 2022
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.
Source: Sec. 34-301(13)
Allowed Partnership Types
- General Partnerships (GP) – § 34-17
- Limited Partnership (LP) – §§ 34-9 — 34-38u
- Limited Liability Partnership (LLP) – §§ 34-406 — 34-435
- Limited Liability Companies (LLC) – §§ 34-100 — 34-241