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 December 3rd, 2024

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

The partners in an Alaska partnership owe a “duty of loyalty and care”[3] to the partnership, which is limited to the following:

  1. Accounting: Including the handling of property, profit, or benefits derived from winding up the partnership.
  2. Competing: To refrain from competing with the partnership in the conduct of its business.
  3. Obligations: Refrain from violating their responsibilities by statute or the partnership agreement.

Liability

General Partners: Liable for the obligations, actions, and debts of a partnership.[4][5][6]

Limited Partners: Not liable for the obligations of a limited partnership unless the limited partner is also a general partner.[7]

State Definitions (3)

General partner means a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and named in the certificate of limited partnership as a general partner.[8]

Limited partner” means a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement.[9]

Partnership agreement means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement.[10]