Articles of Partnership Law and Legal Definition

Articles of Partnership is a formal document drawn up by partners indicating significant and important aspects of the partnership. The Articles states among other things the nature of the business being formed,name of the enterprise,the capital contribution of each partner as well as their duties and responsibilities, the share in net profits of the organization and duration of relationship. The Articles should be dated and executed by the parties. It is the internal rule book of a partnership firm and is similar to the articles of association of an incorporated firm.