What clauses are required in a New York Partnership Agreement?

New York law requires specific provisions including: New York Partnership Formation, Fiduciary Duties, Partnership Dissolution. contract.diy automatically includes all mandatory clauses with proper legal citations when generating your Partnership Agreement.

How does contract.diy ensure my Partnership Agreement complies with New York law?

Every generated contract goes through 5 automated compliance checks specific to New York. These cover mandatory provisions, prohibited terms, proper citations, and formation requirements. Any issues are flagged before you download.

Can I use this Partnership Agreement template outside of New York?

This template is specifically tailored to New York law. Using it in another jurisdiction may result in missing requirements or including provisions that don't apply. We recommend generating a new contract with the correct jurisdiction selected for full compliance.

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Partnership Agreement for New York

Generate a partnership agreement that complies with New York law — with 3 mandatory clauses and 5 compliance checks built in.

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Key legal considerations

You are generating a New York partnership agreement. New York partnerships are governed by the NY Partnership Law (§§ 1–74) for GPs and the Revised Limited Partnership Act (§§ 121-101 through 121-1300) for LPs. FIDUCIARY DUTIES: Meinhard v. Salmon (249 N.Y. 458, 1928, Cardozo, J.) set the iconic standard — partners owe each other 'the punctilio of an honor the most sensitive.' Include provisions for capital contributions, profit/loss sharing, management, fiduciary duties, and dissolution. LPs must file a Certificate of Limited Partnership with the NY Department of State. If using a trade name, file a DBA under NY Gen. Bus. Law § 130.

What's required

Mandatory clauses for a valid partnership agreement under New York law.

New York Partnership Formation
NY P'ship Law §§ 1–74, 121-101 through 121-1300
Fiduciary Duties
NY P'ship Law § 20-a; Meinhard v. Salmon, 249 N.Y. 458 (1928)
Partnership Dissolution
NY P'ship Law §§ 62–73

Legal references

Key statutes and regulations that govern partnership agreements in New York.

New York Partnership Law
NY P'ship Law §§ 1–74
Governs general partnerships in New York, including formation, partner rights, and dissolution.
New York Revised Limited Partnership Act
NY P'ship Law §§ 121-101 through 121-1300
Governs limited partnerships in New York; requires filing a Certificate of Limited Partnership with the Department of State.
Meinhard v. Salmon
Meinhard v. Salmon, 249 N.Y. 458 (1928)
Seminal NY Court of Appeals case (Cardozo, J.) establishing the high standard of fiduciary duty between business partners — 'the punctilio of an honor the most sensitive.'
Revised Uniform Partnership Act
RUPA (1997)
Model act adopted by most states governing partnership formation, operation, and dissolution.