The New York partnership agreement binds the partners signing it to its content provisions. Here, rules governing the managerial policies, meetings, voting procedures, and partnership structure will be clearly documented. These attributes will accompany several declarations the partnership should make at its onset, including its tax status.
The New York partners participating in the execution of their agreement should conduct as much research as necessary to ensure that it complies with New York State law and remains within their capabilities before signing it.
“§ 121-110. The partnership agreement. (a) The partnership agreement shall be signed by all general partners, in person or by attorneys in fact, and may, but need not, be signed by the limited partners. (b) A limited partnership shall have a written partnership agreement. Except as provided in sections 121-702 and 121-705 of this article, no person shall have any rights, or be subject to the liabilities, of a general partner who has not signed the partnership agreement in person or by attorney in fact.”
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