This Partnership Agreement (NY General Partnership) is used to memorialize specific rights and obligations of the partners forming a New York general partnership. This template includes practical guidance and drafting notes. This template contemplates a partnership between two individuals and addresses the basic provisions governing the affairs of the partnership. It should be tailored to fit the needs of the partners entering into it and the circumstances of the business they intend to conduct as partners. This template has been updated as needed to reflect the revised Internal Revenue Code provisions governing IRS tax audits of partnerships and other entities taxed as partnerships; these rules were passed in the Bipartisan Budget Act of 2015 and took effect on January 1, 2018. For further information, see Partnership Tax Audit Rules. See also Partnership and Other Pass-Through Entities Taxation and Partnership Tax Audit Clauses (Bipartisan Budget Act of 2015). For additional information on forming a general partnership in New York, see General Partnerships (NY) and Formation Checklist (NY General Partnership).