A general partnership is a type of business. Partnership agreements are legal documents used to establish the rules which will be used to conduct partnership business. There is no existing requirement for the content or structure, although you will find most cover similar topics. You are not required to have a partnership agreement to form your club but we'd highly recommend it. Your partnership agreement provides rules that all partners agree upon, limiting internal or legal issues in the future.

Partnership agreements protect partners from the business, and the business from its partners. Without a partnership agreement, default state or federal law applies, and your state's generic interpretation of partnerships will apply. Most states have adopted some version of the Uniform Partnership Act more information , Check with your state or a local attorney if you have any concern about what your state requirements are.

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Disclaimer: statements are opinions expressed by bivio Customer Support and are not official statements from any government agency. These statements are not intended to replace professional legal or accounting advice. When in doubt, follow the advice of your lawyer or accountant who is familiar with your particular circumstances and the laws of your state.