A traditional partnership (as opposed to a Limited Liability Partnership) agreement contains what was agreed between two or more people who have agreed to work together with a view to profit.
The terms and conditions of the partnership and the relationship between the business partners as agreed are set out and can be used as a reference and aid to resolving any disputes.
If this is not done the partnership will be regulated by the provisions in the Partnership Act which may often not be appropriate and what the partners intend. Similarly if the partnership agreement is not sufficiently comprehensive the Partnership Act will apply to any points on which it is silent.
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