The Pennsylvania partnership agreement implements the policies that a company’s partners will use to govern it. This contract enables Pennsylvania partners to establish the company roster, the protocol for company meetings and actions, and the plan for a change in the company roster.
Due to the binding effect of their contract, Pennsylvania partners must review it carefully before it is executed. In fact, many would suggest that a professional well-versed in their industry be consulted during its development.
“‘Partnership agreement.’ The agreement, whether or not referred to as a partnership agreement and whether oral, implied, in record form or in any combination thereof, of all the partners of a limited partnership concerning the matters described under section 8615(a) (relating to contents of partnership agreement).”