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Here are some of the key provisions in a Partnership Agreement: 1  Partnership name. 2  Business address. 3  Names of Partners. 4  Effective date of agreement. 5  Primary purpose of partnership. 6  Voting requirements for partnership decisions. 7  Specify how costs will be shared among the partners. 8  Specify how profits will be shared among the partners.
However, it is permissible for a limited partner to have a vote on certain matters, just as a shareholder has a right to vote on some corporate matters. A typical limited partnership agreement may provide that a majority vote of the limited partners is necessary for the sale of assets or to remove a general partner. The partnership agreement determines whether the limited partners can vote on these matters.