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Simple English definitions for legal terms
partnership agreement
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A quick definition of partnership agreement:
A partnership agreement is a special paper that tells partners what they should do and what they can expect from each other. It's like a promise that they make to each other. This paper doesn't talk about how they should treat other people outside of their partnership. Another name for it is articles of partnership.
A more thorough explanation:
A partnership agreement is a legal contract that outlines the rights and responsibilities of partners towards each other. It does not cover the relationship between the partners and third parties. It is also known as articles of partnership.
For example, if two people decide to start a business together, they may create a partnership agreement that outlines how profits and losses will be shared, how decisions will be made, and what happens if one partner wants to leave the partnership.
Another example could be two doctors who decide to open a medical practice together. They may create a partnership agreement that outlines how they will share expenses, how they will divide patient care responsibilities, and how they will make decisions about the practice.
These examples illustrate how a partnership agreement can help partners clarify their roles and responsibilities, avoid misunderstandings, and protect their interests.