question.jpgIn Business Law

What is the document that governs how a partnership operates?

While the statement of partnership or the certificate of limited partnership is what creates the partnership, it is not the document that contains the details about how the partnership is actually to be run and operated. That document is a separate and longer one, generally known as the partnership agreement. By way of comparison, the document that provides for how a corporation is to be managed is known as the bylaws and the similar document for an LLC is the LLC operating agreement.