Kentucky partnership agreements define the role of every signature partner in their company or business. The act of signing such an agreement will show that the Kentucky business partners have decided on a company structure and policy that each will abide by. Furthermore, each will have acknowledged the level of authority they may exhibit when obtaining loans, contracts, or arranging payment in the name of the partnership.
In addition to defining the Kentucky partnership roster and its regulations, the entity type the Partners have formed must be defined in such a document including a description of how it should be taxed.
State Definition
“(11) “Partnership agreement” means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business;”
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