The Colorado partnership agreement is often used to solidify how at least two parties interact professionally when running a business. Additionally, it will set up rules that the partners want to institute over actions such as company meetings, structure, and how business shall be conducted. For example, a limited partner may not necessarily be as hands-on with the management aspects of their business as an active partner.
Since there are several types of partners ranging from estoppel partners to limited liability partners, this paperwork should be reviewed carefully by each one to make sure that the roles, responsibilities, and liabilities are correctly assigned.
State Definition
“”Partnership agreement” means the partnership agreement in a partnership or a limited partnership.“
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