Alaska Partnership Agreement

An Alaska partnership agreement is a written document between the owners of a for-profit business. The partners have a fiduciary duty of loyalty to the entity and each other. For general partnerships, all owners are liable for liabilities made by the entity.

Last updated January 30th, 2025

An Alaska partnership agreement is a written document between the owners of a for-profit business. The partners have a fiduciary duty of loyalty to the entity and each other. For general partnerships, all owners are liable for liabilities made by the entity.

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Alaska Partnership Types (4)

Partnership Type State Filing Requirement
General Partnership (GP) No filing is required. However, filing a business name (DBA) ($25) is recommended.[1][2]
Limited Partnership (LP) Certificate of Limited Partnership (Form 08-508) ($150)
Limited Liability Partnership (LLP) Statement of Qualification (Form 08-524) ($150)
Limited Liability Limited Partnership (LLLP) Certificate of Limited Partnership (Form 08-508) ($150)

Fiduciary Duty

Duty of Loyalty:
  • Partners have strict obligations to fully “account to the partnership” all profit (as well as benefits and property) they gain in any relation to the partnership while refraining from competing or acting in any way that is contrary to partnership interests.[1]

Duty of Care:

  • Partners avoid all grossly negligent conduct, reckless conduct, intentional misconduct, and illegal activities accordingly.[2]

Liability

General Partners are iable for the obligations, actions, and debts of a partnership.[3][4][5]

Limited Partners are not liable for the obligations of a limited partnership unless the limited partner is also a general partner.[6]

State Definitions (3)

General partner means a person formally admitted to a limited partnership as a general partner as well as named in the certificate of limited partnership as a general partner.[7]

Limited partner” means a person admitted to a limited partnership, specifically, as a limited partner in accordance with the partnership agreement.[8]

Partnership agreement means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement.[9]