the partnership agreement should provide clear guidelines for both the daily procedures of running a business and the incidental occurrences associated with a business, such as when a partner withdraws. establishing an effective partnership agreement is critical to ensuring the success of a joint venture. in addition, each general partner is liable for the actions and business decisions of each of the other general partners. a limited partner is only liability for the debts and obligations associated with his or her portion of the business. accordingly, each partner is only liable for his or her actions and the debts and obligations associated with his or her portion of the business.