Articles of Partnership


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Articles of Partnership

A document outlining the basic functions of a company. Among other things, it states each partner's responsibilities, how profits are to be divided, and the type of business the partnership creates. Persons or companies that seek to form a partnership must file articles of partnership with the appropriate authority, which, in the United States, is usually the state in which the partnership is located. Articles of partnership are also called partnership agreements.
References in periodicals archive ?
THE CMT group says that the articles of partnership of 'The Firm' (formerly branded as CVCLAW) revealed that most of the decision making powers were lodged with the executive committee where its lawyers Nonong Cruz and Sonny Marcelo sat as members.
The amended articles of partnership was also signed by only eight of the original 23 partners now with V&A, which was left with only eight associates after the split.
At the end of the 30*year period, the articles of organization, similar to articles of incorporation for a C or S corporation and articles of partnership for a partnership, may be renewed by amendment or net assets can be transferred to a sister LLC or partnership.