What document outlines the specific terms and conditions of a partnership?

The Partnership Agreement is the key document that outlines the specific terms and conditions of a partnership. This agreement details the rights, duties, and responsibilities of each partner, the management structure of the partnership, profit-sharing arrangements, methods for resolving disputes, and procedures for adding or removing partners. It serves as a foundational document that governs how the partnership operates and helps prevent misunderstandings by clearly delineating the expectations of each party involved.

Other documents mentioned, such as the Articles of Incorporation and Operating Agreement, are applicable to corporations and limited liability companies, respectively, rather than partnerships. A Buy-Sell Agreement pertains to ownership stakes typically in a corporation or business entity and deals with the sale or transfer of interests, rather than the operational terms of a partnership. Therefore, the Partnership Agreement is the most appropriate and relevant document for establishing the specific terms of a partnership.