The Arkansas partnership agreement summarizes the conditions and terms that two or more parties have decided to adhere to in a formal business venture. This step should be considered imperative and should not be skipped by the partners regarding the entity type they intend to conduct business with as partners since it will definitively record each partner’s authority and the commitment expected of them to their business or company.
A key goal of this agreement should be to define the business and ensure its ability to function according to its purpose. All the partners will enter this agreement with a binding signature, agreeing to the structure of their relationship, the business they are participating in, and any applicable noncompete clauses. Due to this agreement’s potential effect on a partner’s finances, it is generally recommended that each participant seek professional advice when determining the conditions of the partnership.
“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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