A Washington partnership agreement ensures that the partners of a business will have a set structure for their business. This contract provides them with clear-cut definitions to guide the decisions and actions taken with their partnership as well as a predetermined protocol to follow for meetings that determine the business’s operations.
Washington partners should participate in this contract’s execution only upon carefully reviewing their responsibilities, liabilities, obligatory contributions, and the rules that apply to them. It should be mentioned that such a signature would acknowledge the Washington partnership’s financial operations including its tax status.
“(7) “Partnership agreement” means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement.”