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Partnership Agreement
What this document is
A partnership agreement is a legally binding document between two or more people or entities who are running a business together. It sets out the terms of the partnership, including who the partners are, how ownership and profits are split, and who has the authority to make decisions and act on behalf of the business.
Partnerships in the United States come in a few different forms. A general partnership is the simplest, where all partners share equally in the running and liability of the business. A limited partnership has at least one general partner who manages the business and one or more limited partners who invest but do not manage it. A limited liability partnership, often used by professional firms like law practices and accounting firms, gives all partners some degree of liability protection.
Whatever the structure, the partnership agreement is the document that governs how the business operates and who speaks for it.
Why we ask for this
When onboarding a partnership, we need to understand who the partners are, what each person owns, and who has the legal authority to open an account and act on behalf of the business. The partnership agreement is the document that answers all of those questions in one place.
Without it, we cannot establish the ownership structure of the business or confirm that the person applying has the authority to do so. This is a requirement under the Customer Due Diligence rules that apply to all regulated financial institutions in the United States.
What your document must show
The document you submit must clearly display all of the following:
Required information | Details |
|---|---|
Full legal names of all partners | Every individual or entity that is a party to the partnership. |
Ownership or profit sharing percentages | How ownership, profits, and losses are divided between the partners. |
Name and authority of the managing or general partner | Who has the authority to manage the business and act on its behalf. |
Date of agreement | When the partnership agreement was signed. |
Signatures of all parties | The document must be signed by all partners or their authorized representatives. |
Acceptable documents
Any of the following will be accepted, provided they include all of the required information listed above:
- Signed general partnership agreement
- Limited partnership agreement filed with the state
- LLP agreement or registered LLP operating agreement
- Amended or restated partnership agreement where applicable
If your partnership agreement has been amended since it was originally signed, please submit the most recent version. If the amendments are in a separate document, submit both the original and the amendments together.
Below is an example of an acceptable document. Use this as a reference when preparing your submission.
Need help with this document?
If your partnership structure is complex or has changed recently, contact our onboarding support team before submitting. We can confirm what we need to see based on your specific situation.