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What is Importance of Partnership Agreements about?
A partnership is a contract between two or more persons to contribute money, property, or industry into a common fund with the intention of dividing profits. It allows for the exercise of a common profession. One key characteristic is that there must be intent to form a partnership. Partners have a fiduciary relationship and the right to choose associates (delectus personae). However, constant disagreement between partners with equal authority is not an advantage of the partnership form.
- Author
- Quevyn Kohl Surban
- Language
- EN