Provisions to Create Phantom Partnership Interests

Set up a partnership which will act as the general partner of a limited partnership with this USA Partnership Agreement template.

• The partnership being formed by the agreement will be managed by a managing partner.
• The managing partner will have control of the day-to-day business operations, and will be responsible for all tax matters. All matters outside of the day-to-day business will be decided by a majority vote of all partners.
• The partners will devote a necessary amount of time and attention to the partnership business, but are not restricted from involvement in other businesses, whether they compete with the partnership business or not.
• Admission to the partnership is limited to the managing partner, its CEO and the other officers and directors of the managing partner.