Partnership Overview: Legal Structure

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Partnership Overview

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Partnership Overview

The Uniform Partnership Act defines a partnership as “an association of two or more persons to carry on as co-owners of a business for profit.” Although not required by law, you may have to submit written Articles of Partnership. This would apply, for instance, if you wanted to open a company bank account. These article would define the contributions made by the partners to the business—financial, managerial, material, or other. They would also define the roles of each partner in the business relationship. All articles should be filed with your secretary of state.

A partnership differs from a corporation in terms of the limited life of the partnership, the unlimited liability of at least one of the partners, the co-ownership of the assets, mutual agency, share of management, and share in partnership profits.

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