What document is typically used to outline the relationships among partners?

The partnership agreement is the document specifically designed to outline the relationships among partners in a partnership. This document details the rights, responsibilities, and obligations of each partner, as well as how profits and losses will be shared, the decision-making process, and procedures for resolving disputes. It serves as a foundational element for the partnership, ensuring that all partners have a clear understanding of their roles and the structure of their collaboration.

Other documents, such as the operating agreement, bylaws, and articles of incorporation, serve different purposes. An operating agreement is typically associated with limited liability companies (LLCs) and outlines the management structure and operational procedures of that entity. Bylaws are relevant for corporations and govern the internal management of the corporation rather than partnerships. Articles of incorporation are filed to legally document the existence of a corporation, not a partnership, thus solidifying the distinction between the types of business entities and the appropriate documentation for each.