In a partnership, what document outlines the rights and responsibilities of each partner?

The partnership agreement is the document specifically designed to outline the rights and responsibilities of each partner within a partnership. This agreement serves as a foundational blueprint for the partnership, detailing crucial elements such as the division of profits and losses, decision-making processes, and the procedures for resolving disputes. It can also include provisions for the addition or withdrawal of partners, which helps ensure clarity and prevents misunderstandings as the partnership evolves.

In contrast, the articles of incorporation are utilized for corporations and are not applicable to partnerships; they establish the existence and structure of a corporation rather than the relationships between partners. The operating agreement is typically associated with limited liability companies (LLCs), not partnerships, and focuses on the operation of the LLC rather than the specific partnership arrangements. Similarly, a corporate resolution is a formal document that outlines decisions made by a corporation's board but does not pertain to partnerships or their agreements.