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Just about everyone has heard the term partnership. Two or more people working together for some common purpose. When used in the business world though there are a whole lot more specifics and requirements. Thats where partnership agreements come in. Partnerships are a type of business organization. A business organization is a formal legal entity that is recognized by the state where the business is based. Youve probably heard of several different kinds of business organizations including corporations and limited liability companies or llcs within the category of Partnerships. There are many different subtypes including a limited liability partnership. Even if those terms sound new youre probably already familiar with these two. Law firms and accounting offices often stick to an LLP at the end of their names and thats what it stands for. Writing a partnership agreement is probably the most cost effective thing you can do to protect a partnership and