Sample Equity Partnership Agreement
Only the complements of a limited partnership are personally liable for the debt and obligations of the partnership. If the company goes bankrupt, the assets of the complementary can be used to repay the debts of the partnership. However, all the partners of a complementary company are liable for joint and several liability. If one of the partners is involved in a legal action, all partners can be sued with that partner. A partnership is a legal agreement where by which two or more people agree to pool their financial and human resources for a company. Each partner receives a portion of the company`s profits and losses. There are two types of partnership agreements. The first is a general trading company that occurs when each partner is responsible for its own commitments. .