A Kansas partnership agreement combines a company’s rules with the identities of the parties making up the partnership roster. These parties should document the type of company they have formed and how it should be taxed. Additionally, a clear course of action should be laid out for events such as a partner suddenly leaving the partnership. This enables the company to handle a roster change appropriate to its goals rather than be subject to the state’s default laws.
Thus, a partnership can clearly define its roster and policies, and protect itself from certain events. Naturally, the partners should complete a fair amount of investigation before putting this agreement into effect.
State Definition
“(g)”Partnership agreement” means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement.”
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