Definition of Partnership agreement:
Written agreement between two or more people who participate in building and running a for-profit company. Among other things, (1) the nature of the agreement, (2) the capital contributed by each partner, and (3) the rights and responsibilities. As a registered company, the company does not have an independent legal existence and the partners are jointly and severally responsible for the company's debts. Even if they leave the company, they will be responsible for current and future debts, unless an appropriate notice of dismissal is issued. However, a legitimate partnership can be established without a written agreement. In this case, the provisions of the constitution governing the company apply. This is also called a partnership agreement. See also partnership articles.
How to use Partnership agreement in a sentence?
- You just have to be more discriminating with the help you render toward other people.
- Our partnership agreement specifically states that you are responsible for the revenue when I drink Piana Colladas. Here is line 33.
- Eventually a partnership agreement was reached between them and I am glad that they have been together for some time.
Meaning of Partnership agreement & Partnership agreement Definition