A general partnership is formed by an agreement entered into
by each partner. This agreement may be informal, but it is advisable
to have a written, legal agreement among all parties.
A partnership agreement should at least cover the contributions
of each partner, the distribution of profits or losses and the terms
for dissolution. Without a written agreement, the profits and
losses are presumed to be distributed equally.
While no filing is required to form a general partnership, there
may be a requirement to file for a fictitious name. See Page 14
for more information.