Updated February 11, 2022
An Idaho partnership agreement defines the ownership rights, management duties, and legal liabilities of partners in a business. Forming a partnership agreement allows partners to clarify rules and processes that would otherwise be governed by general state law. Before the agreement takes effect, all parties must sign the contract.
Partnership Types
- General Partnerships (GP) – § 30-23-102
- Limited Partnership (LP) – § 30-24-102
- Limited Liability Partnership (LLP) – §§ 30-23-901 – 906
- Limited Liability Limited Partnership (LLLP) – § 30-24-102 (5)
- Limited Liability Companies (LLC) – §§ 30-25-101 – 30-25-111