_edited.png){kind=small}
This Partnership Agreement (the "Agreement") is made and entered into on [Insert Date], by and between:
Partner 1: [Insert Name]
Address: [Insert Address]
Partner 2: [Insert Name]
Address: [Insert Address]
[Add additional partners as necessary.]
The above parties are collectively referred to as the "Partners" and agree to form a partnership (the "Partnership") based on the terms and conditions below.
Article I: Name and Purpose
Partnership Name The name of the Partnership shall be [Insert Partnership Name].
Principal Office The principal office of the Partnership shall be located at:[Insert Address, City, State, ZIP Code]
Purpose The purpose of the Partnership is to engage in the following business activities:[Describe the nature of the business or activity].
Article II: Term of the Partnership
The Partnership shall commence on [Insert Start Date] and shall:
Continue indefinitely until terminated as provided in this Agreement.
Terminate on [Insert End Date or Specific Event].
Article III: Capital Contributions
Initial Contributions Each Partner agrees to contribute the following to the Partnership:
Partner 1: [Describe monetary amount, property, or services contributed]
Partner 2: [Describe monetary amount, property, or services contributed]
[Repeat for additional partners.]
Additional Contributions Additional contributions may be required with the consent of all Partners.
Ownership Percentages Ownership interests in the Partnership are as follows:
Partner 1: [Insert Percentage]
Partner 2: [Insert Percentage]
[Add additional partners and percentages as needed. Percentages must total 100%.]
Article IV: Profits and Losses
Allocation of Profits and Losses Profits and losses shall be shared among the Partners based on their ownership percentages unless otherwise agreed in writing.
Distribution of Profits Profits shall be distributed as follows:
[Insert Frequency, e.g., monthly, quarterly, or annually].
Article V: Management and Decision-Making
Management Structure The Partnership shall be managed by:
All Partners
A designated Managing Partner: [Insert Name]
Decision-Making Decisions regarding the ordinary course of business shall require:
A majority vote of Partners
Unanimous consent of all Partners
Meetings Regular meetings of the Partners shall be held on [Insert Frequency] at [Insert Location or Online Platform].
Article VI: Banking and Financials
Bank AccountsThe Partnership shall maintain a bank account at [Insert Bank Name] under the name of the Partnership.
RecordkeepingProper financial records shall be maintained, and each Partner shall have access to these records.
TaxesThe Partnership shall file tax returns as required by law, and each Partner shall report their share of income or losses on their personal tax returns.
Article VII: Admission, Withdrawal, or Death of a Partner
Admission of New PartnersA new Partner may only be admitted with the unanimous written consent of all existing Partners.
Withdrawal of a PartnerA Partner may withdraw from the Partnership by providing [Insert Notice Period, e.g., 30 days] written notice.
Death or IncapacityIn the event of a Partner's death or incapacity, the remaining Partners shall:
Purchase the deceased/incapacitated Partner’s interest at a value determined by [Insert Valuation Method].
Dissolve the Partnership.
Article VIII: Dissolution
Events Triggering DissolutionThe Partnership shall be dissolved upon:
A unanimous vote of the Partners.
The occurrence of an event that makes it unlawful for the Partnership to continue operating.
Distribution of AssetsUpon dissolution, the assets of the Partnership shall be distributed as follows:
To creditors, including Partners who are creditors.
To Partners in accordance with their ownership percentages.
Article IX: Miscellaneous Provisions
Amendments This Agreement may only be amended by a written document signed by all Partners.
Governing Law This Agreement shall be governed by the laws of the State of [Insert State].
Dispute Resolution Any disputes arising from this Agreement shall be resolved through:
Mediation
Arbitration
Litigation in a court located in [Insert State or Jurisdiction]
Entire Agreement This Agreement constitutes the entire understanding between the Partners and supersedes all prior agreements.
Severability If any provision of this Agreement is found to be unenforceable, the remaining provisions shall remain in full force and effect.
Article X: Signatures
By signing below, the Partners agree to abide by the terms of this Partnership Agreement.
Partner 1 Signature:
[Insert Printed Name]Date: [Insert Date]
Partner 2 Signature:
[Insert Printed Name]Date: [Insert Date]
[Repeat for additional Partners.]
This template is a starting point and should be tailored to your specific business needs. Consult a legal professional to ensure compliance with applicable laws.
Comments