A Delaware partnership agreement will solidify the responsibilities and benefits that partners will expect when they are forming a business. The Delaware partners can be private citizens or businesses and this will be defined in such an agreement. While the nature and the policies of the partnership are often the key focus of many agreements, topics such as how a partner may be replaced or added, and the results of a partner’s death will also be discussed.
Delaware business partners should cover as many topics regarding their partnership and business venture as possible and in many cases, it is recommended that they consult with a professional before executing their agreement.
“(12) “Partnership agreement” means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement. A partnership is not required to execute its partnership agreement. A partnership is bound by its partnership agreement whether or not the partnership executes the partnership agreement. A partnership agreement is not subject to any statute of frauds (including § 2714 of this title). partnership agreement may provide rights to any person, including a person who is not a party to the partnership agreement, to the extent set forth therein. A partner of a partnership or a transferee of an economic interest is bound by the partnership agreement whether or not the partner or transferee executes the partnership agreement.”