What legal document outlines the terms and conditions of a partnership?

The legal document that outlines the terms and conditions of a partnership is a partnership agreement. This document serves a crucial role in defining the relationships and responsibilities between the partners involved in the business venture. It typically includes key details such as profit and loss distribution, decision-making processes, dispute resolution methods, and the roles and duties of each partner.

Creating a comprehensive partnership agreement is essential, as it helps prevent misunderstandings and conflicts among partners by clearly detailing the expectations and obligations of each party. This legal framework is vital for the smooth operation of the partnership, ensuring that all partners are aligned on how the business will function and be managed.

While other documents like operating agreements, bylaws, or corporate charters are relevant in different contexts (such as LLCs and corporations), they do not specifically pertain to the unique nature of partnerships and the relationships between individual partners. Thus, the partnership agreement is specifically tailored for partnerships, making it the correct answer.