a limited company partnership agreement is the agreement between partners that defines the terms and business details of the business venture.3 min read a limited company partnership agreement is the agreement between partners that defines the terms and business details of the business venture. this agreement can help protect the partners and protect the success of the business. creating a written partnership agreement is a way of showing the intent to create a formal partnership. if a partnership agreement is not prepared for the company, the default partnership of the state will be applied. there may be liabilities that arise unexpectedly if a partnership agreement is not created.