A Texas partnership agreement is a favored means to standardize the internal policies that will control a partnership. These guidelines will require that the business partners conduct their meetings and act on behalf of their company according to a protocol that has been established through this contract. It will also dictate how the Texas partnership will handle actions such as filing its taxes, gaining a loan, or even changing the roster.
Once the topics in this paperwork have been properly researched and documented to the satisfaction of the Texas partners, each must sign it and then retain a copy for their records.
State Definition
“Sec. 152.002. EFFECT OF PARTNERSHIP AGREEMENT; NONWAIVABLE AND VARIABLE PROVISIONS. (a) Except as provided by Subsection (b), a partnership agreement governs the relations of the partners and between the partners and the partnership. To the extent that the partnership agreement does not otherwise provide, this chapter and the other partnership provisions govern the relationship of the partners and between the partners and the partnership.”
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