Partners in a limited partnership can also use their agreement to outline how business profits are to be shared. Unlike other entities, partnerships are not legally separate from the owners of the business. Once you and your business partners are united through your rights and obligations, you can focus on your business goals. If you plan to do business with partners, there are several important steps you need to take, including setting up a limited partnership (LP). An LP agreement can help protect your business in the future and describe the relationship between you and your partners. All limited partnerships are based on an LP contract.