An Arizona partnership agreement is a document amongst partners on how an entity will operate and outlines the rights and responsibilities toward one another. In a partnership, you generally have two (2) types of partners, general partners, which are actively involved in the day-to-day affairs of the business, and limited partners, which are inactive and act more as investors with no liability for losses against the entity.
State Definition
“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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