Updated February 11, 2022
A Massachusetts partnership agreement is a legally binding contract that lays out a management partnership’s structure. It commonly specifies dispute resolution, liabilities, duration, dissolution, and ownership interests. The content needs to be as comprehensive as possible to curtail future misunderstandings.
Partnership Types
- General Partnerships (GP) – Title 15, Chapter 108A (§§ 1-49)
- Limited Partnership (LP) – Title 15, Chapter 109 (§§ 1-66)
- Limited Liability Partnership (LLP) – § 108A:45
- Limited Liability Companies (LLC) – Title 22, Chapter 156C (§§ 1-72)