The Articles of Partnership is a document where persons enter into an agreement or contract of partnership. A partnership is when two or more persons bind themselves to contribute money, property, or industry to a common fund for the purpose of conducting business and with the intention that the profits and losses will be divided among them.
Generally, a partnership can be general or limited.
General Partnership. A general partnership is one where the partners are liable for the contracts and obligations of the partnership with their personal property. Generally, the partners' liability will be in proportion to the amount that they contributed to the partnership.
Limited Partnership. On the other hand, a limited partnership is one where there is one or more general partners and one or more limited partners. Limited partners are only liable to the extent of their contribution. The partnership name of a limited partnership should always contain the word "Limited" or "Ltd.".
This document is specifically drafted for general partnerships.