Types of Companies > Partnership > Partnership Agreement

The Partnership Agreement

Partnerships may have a partnership agreement, or declaration of partnership and in some jurisdictions such partnership agreements may be registered and available for public inspection. If no written partnership agreement exists, all partners are treated as equals.

Some of the topics covered in the partnership agreements are:

• Ownership interest
• Loans by partners
• Allocation of profits
• Management
• Duties of partners
• Salaries & compensation
• Borrowing money
• Reimbursement
• Competition
• Authority
• Power of attorney
• Admission of new partners
• Meetings
• Termination and more.

In common law, a partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested. In civil law, the partnership is a nominate contract between individuals who, in a spirit of cooperation, agree to carry on a enterprise, contribute to it, by combining property, knowledge or activities and to share its profit.

Strict liability is a legal doctrine that makes a person responsible for the damages caused by their actions regardless of fault. Strict liability often applies to those engaged in hazardous or inherently dangerous ventures. The law imputes strict liability to situations that it considers to be inherently dangerous; this discourages reckless behavior and needless loss. It also has the effect of simplifying litigation and allowing the victim to become whole more quickly. Strict liability is important in the law of torts, product liability, corporations law, and criminal law

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