Rules of a Partnership Agreement

[Afsana Ahmmed]

                          Rules of a Partnership Agreement

Without a valid partnership agreement, state laws govern the rules for your business partnership's creation and operation. Each state, excluding Louisiana, employs some variation of the Uniform Partnership Act. Creating a partnership agreement allows your small business to tailor its business operations and rules to fit the company. Your partnership agreement must cover major areas of investment liability and business control for it to be a valid legal document.

Naming the Partnership
Naming your business partnership is actually a very important step in creating your partnership agreement because it formally establishes the business entity for legal purposes. The members of your business partnership should register the fictitious partnership name with the county clerk's office having jurisdiction over the company. This ensures your partnership name is available and provides a legal record of when your business partnership adopted its fictitious name. All documents referring to the partnership should use the partnership's name, once you and your business partners register it.

source:  http://smallbusiness.chron.com/rules-partnership-agreement-24228.html