What Are Articles of Partnership?
The term “Articles of Partnership” refers to the agreement entered into by those establishing a partnership, such as a sole proprietorship or a corporation, which is a particular form of business operation. While it might seem counter-intuitive to draw up a complex operating charter at the outset of a business venture, that’s actually the best time to reduce to writing all the different things that might lead to disagreement or confusion at some point in the future. Many successful businesses have dissolved prematurely, for instance, when one of the partners died and his or her heirs had no interest in keeping the business alive and the surviving partners couldn’t afford to buy them out.
