Updated February 13, 2022
A Delaware partnership agreement is a contract among business owners stipulating the rights, duties, and ownership rights of each partner. In General Partnerships, all partners share personal liability based on their ownership stake. In Limited Partnerships, partners may limit their personal liability in the business as determined by the agreement. To form a Limited Partnership in Delaware, a certificate must be filed with the Secretary of State.
Partnership Types
- General Partnerships (GP) – § 17-401
- Limited Partnership (LP) – § 17-101 to § 17-113
- Limited Liability Partnership (LLP) – § 15-1001 to § 15-1004
- Limited Liability Limited Partnership (LLLP) – § 17-214
- Limited Liability Companies (LLC) – § 18-101-113