Articles of partnership definition. Analyzing the definition of key terms often provides more insight about concepts. Articles of partnership can be defined as – Agreement among partners that sets terms under which the affairs of the partnership are conducted; also called partnership contract. Setting up detailed articles of partnership, detailed agreements between partners about partner, and partnership expectations is critical to the wellbeing of any partnership. All partners in a partnership need to understand what is expected and feel that the agreement is fair for a partnership to work well. Articles of partnership should include profit sharing agreements which can range from very simple to much more complex, the flexibility of profit sharing agreements being one of the advantages of the partnership form.
