Partnership Agreement Article Re - Distributions of Proceeds from Sale of Capital Assets
"A partnership agreement sets forth the terms and conditions that govern the relationship between business partners and their obligations to the partnership. Without a written partnership agreement, state law may determine the default rules as to the rights of partners and how partnership assets and liabilities will be distributed. Depending on the goals and purposes of the partnership, various provisions can be included in the agreement detailing the rules that will govern the relationship between the partners and what shall occur if specific contingencies arise. This partnership agreement article on Distribution of Proceeds from Sale of Capital Assets may be inserted into a partnership agreement and can be modified depending on the partners' specific needs.
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