Updated February 12, 2022
A Tennessee partnership agreement is a document that explains distinguished roles, responsibilities, and liabilities for each partner involved. It commonly reveals dispute resolution, duration, ownership interests, liabilities, and dissolution. The agreement should be as extensive as possible for the sake of preventing future disagreements.
Partnership Types
- General Partnerships (GP) – Title 61, Chapter 1 (§§ 101-1208)
- Limited Partnership (LP) – Title 61, Chapter 1 (§§ 101-1209), Title 61, Chapter 3, Part 3 (§§ 301-306)
- Limited Liability Partnership (LLP) – Title 61, Chapter 1, Part 10 (§§ 1001-1006)
- Limited Liability Limited Partnership (LLLP) – § 61-3-101(13)
- Limited Liability Companies (LLC) – Title 48, Chapter 249 (§§ 101-1133)