Updated February 11, 2022
A Kentucky partnership agreement is an important document in the formation of a business with two or more partners. A legally binding contract once signed, a partnership agreement outlines the ownership, roles, management, and liability between business partners. In Kentucky, there are five types of partnerships that vary in legal structure with regard to the division of liability, tax obligations, and more.
Partnership Types
- General Partnerships (GP) – §362.150-§362.360
- Limited Partnership (LP) – §362.401-§362.550
- Limited Liability Partnership (LLP) – §362.555-§362.710
- Limited Liability Limited Partnership (LLLP) – §362.443-§362.451
- Limited Liability Companies (LLC) – §275.001-§275.540