The Michigan partnership agreement combines clear definitions of a partnership’s operations with the identity of every partner involved. This gives Michigan partnerships a standard policy and a predetermined structure to follow. For instance, this contract would include the procedure employed when it files its taxes or performs internal actions such as admitting a new partner.
Many would encourage Michigan partners to include as much information as possible regarding their decision-making powers with the company when they develop their agreement. Such documentation should be executed only when each Michigan partner is satisfied that their capabilities and level of commitment have been successfully defined.
“(10) “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.”