Which document typically outlines the relationship between partners in a partnership?

The partnership agreement is the document that typically outlines the relationship between partners in a partnership. This legal contract defines the terms of the partnership, including the rights and responsibilities of each partner, how profits and losses will be shared, the decision-making processes, and procedures for resolving disputes. This agreement is essential for establishing a clear understanding among partners and provides a framework for the operation of the partnership.

Other documents mentioned serve different purposes. Incorporation papers are used for forming a corporation and do not pertain to partnerships. An agency agreement, on the other hand, sets out the relationship between a principal and an agent, which is not specific to partnerships. Lastly, a shareholder agreement is relevant for corporations, detailing the rights of shareholders and managing the dynamics within a corporation, not a partnership. Thus, the partnership agreement is uniquely tailored to address the specific needs and agreements of partners within a partnership structure.