Updated February 10, 2022
A Michigan partnership agreement is a legally binding document that explains the management structure of a partnership. It typically conveys ownership interests, duration, dissolution, liabilities, and dispute resolution. The agreement has to be very detailed for the sake of lessening misunderstandings in the future.
Partnership Types
- General Partnerships (GP) – § 449.1 – § 449.155
- Limited Partnership (LP) – § 449.1101 – § 449.2108
- Limited Liability Partnership (LLP) – § 449.44 – § 449.48
- Limited Liability Companies (LLC) – § 450.4101 – § 450.5200