A Partnership Agreement governs a specific partnership between multiple parties by defining the responsibilities and contributions of each partner. Partnerships are typically used when a corporation is not a suitable business vehicle. Some examples include law firms, accounting firms, or when the parties of the partnership are already their own corporations. These are critical documents for ventures that have robust partnership programs because they address and mitigate the known and unknown risks of each deal upfront. When a Partnership Agreement is in place, all partners have a clear and thorough understanding of how the partnership operates and the consequences of not living up to their end of the bargain.
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