Document background
The Operating Agreement Between Partners serves as the foundational document for partnerships operating under Philippine law, establishing the legal and operational framework for business partnerships. This document is essential when two or more parties wish to formalize their business relationship as partners, whether in a new venture or an existing business. It addresses crucial aspects such as capital contributions, profit sharing, management rights, and operational procedures, while ensuring compliance with Philippine regulations, particularly the Civil Code's partnership provisions and relevant business laws. The agreement is particularly important as it helps prevent future disputes by clearly defining partner rights and responsibilities, decision-making processes, and exit procedures. It should be customized to reflect specific business needs while maintaining alignment with Philippine legal requirements.
