Q: Do I need a partnership agreement?
A: Yes all partnerships need a partnership agreement. Partnership agreements are sometimes called partnership deeds. Without a partnership agreement it is impossible to expel partners, to force partners to actually come…
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Glossary

Term	Description
Limited Company	is a corporate body formed under the Companies Act. It has shareholders who own the company and directors who run the company. These may or may not be the same people. A Limited Company has limited liability which means that the directors and shareholders are not responsible for the debts of the company so long as they have not behaved badly.
Limited Liability Partnerships (LLP)	A Limited Liability Partnership or LLP is a partnership formed and incorporated under the Limited Liability Partnership Act 2000.
Limited Partnerships	A Limited Partnership is a special partnership allowed by the 1907 Limited Partnership Act. This allows for a Limited Partner to have limited liability so long as it is not actively involved in the firm's management. Like a General Partnership a Limited Partnership is not a legal entity.
Lockstep	The process whereby new parters build up equity in a partnership over time. Locksteps need well drafted partnership agreements.