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is <br /> Lac 1 or <br /> Partnership Agreement <br /> The partnership agreement is the document which t�svreferred s nce�t prao�des evidence partnership. <br /> supporting the i�tent of <br /> written. Hoavever, a written partnership a9oeamartnerldispute. <br /> the partners, in the event of an IRS audit p <br /> Any modifications and/or amendments to a written partnership agreement should also be in writing. If the <br /> partnership agreement is silent with regard to a specific matter, local law will be deemed to be part of the <br /> agreement. <br /> Partnership agreements are sometimes referred to as "Articles of Partnership". <br /> The partnership agreement generally contains the following information: <br /> - Names of the partners and the partnership; <br /> - Designation of partner type (i.e. general or limited); <br /> -The method of accounting and accounting period of the partnership; <br /> - Business purpose; <br /> -The proportional sharing of ownership, profit, and loss; <br /> -Any special allocations of income, deductions or credits; <br /> - Duration of the partnership; <br /> - Rights and obligations of the partners upon the death or retirement of a partner; <br /> - Procedures for dissolution of the partnership; <br /> -The original contribution of each partner in money and assets; <br /> - Partner debt assumed by the partnership; <br /> - Liability for the debts of the partnership; <br /> -The intended contribution of each partner of skill, labor, and/or additional money or assets. <br /> Partnership <br /> A partnership may be a syndicate, group, pool,joint venture, or other unincorporated organization in which a <br /> business or financial operation or venture is conducted.A partnership is not a corporation, trust or estate. <br /> Partner <br /> A member of a partnership. A partner can be an individual, corporation, partnership, estate and/or trust. <br /> • <br /> file://C:\Program Files\furho'1'ax\Business ;/12/2U05 <br />