Updated February 11, 2022
A Maryland partnership agreement can be used to solidify the terms and conditions of a business partnership between two or more people. Once signed by all parties, it becomes a legally binding contract. Maryland law allows four types of partnership models that vary in tax obligations and liabilities.
Partnership Types
- General Partnerships (GP) – §9A-101-§9A-1001
- Limited Partnership (LP) – §10-101-§10-1105
- Limited Liability Partnership (LLP) – §10-801-§10-815
- Limited Liability Companies (LLC) – §4A-101-§4A-1303