Although not required by law, a written partnership agreement that spells out the terms of operating the partnership and the status of each partner should be developed.

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While a written partnership agreement is not required by law, it is highly recommended in order to prevent misunderstandings and disputes among the partners. A well-drafted partnership agreement can address important issues such as the division of profits and losses, decision-making authority, and the transfer of ownership interests.

Although Not Required by Law, a Written Partnership Agreement That