Usually individuals that consider establishing a partnership agreement with one another should consider the following:
What type of partnership will we need? Partnerships can be either general partnerships, or limited liability partnerships. Limited liability partnerships consist of one or more general partners and one or more limited liability partners. A general partner actively manages the business and may contribute capital to the partnership. A limited partner will contribute capital to the partnership but will have no active role in running the business. A general partnership consists only of general partners who all have unlimited liability for the debts and obligations of the partnership.
What type of partnership will we need? Partnerships can be either general partnerships, or limited liability partnerships. Limited liability partnerships consist of one or more general partners and one or more limited liability partners. A general partner actively manages the business and may contribute capital to the partnership. A limited partner will contribute capital to the partnership but will have no active role in running the business. A general partnership consists only of general partners who all have unlimited liability for the debts and obligations of the partnership.