Partnership Agreement

THIS PARTNERSHIP AGREEMENT is made this __________ day of ___________, 20__, by and between the
followin indi!id"als#
___________________________
Add$ess# __________________________
%ity&State&'IP#_____________________
___________________________
Add$ess# __________________________
%ity&State&'IP#_____________________
() Nat"$e of *"siness) The +a$tne$s listed abo!e he$eby a$ee that they shall be ,onside$ed +a$tne$s in b"siness
fo$ the followin +"$+ose#
______________________________________________________________________________
______________________________________________________________________________
2) Name) The +a$tne$shi+ shall be ,ond",ted "nde$ the name of ________________ and shall maintain offi,es
at -STREET A..RESS/, -%IT0, STATE, 'IP/)
1) .ay2To2.ay 3+e$ation) The +a$tne$s shall +$o!ide thei$ f"ll2time se$!i,es and best effo$ts on behalf of the
+a$tne$shi+) No +a$tne$ shall $e,ei!e a sala$y fo$ se$!i,es $ende$ed to the +a$tne$shi+) Ea,h +a$tne$ shall ha!e
e4"al $ihts to manae and ,ont$ol the +a$tne$shi+ and its b"siness) Sho"ld the$e be diffe$en,es between the
+a$tne$s ,on,e$nin o$dina$y b"siness matte$s, a de,ision shall be made by "nanimo"s !ote) It is "nde$stood that
the +a$tne$s may ele,t one of the +a$tne$s to ,ond",t the day2to2day b"siness of the +a$tne$shi+5 howe!e$, no
+a$tne$ shall be able to bind the +a$tne$shi+ by a,t o$ ,ont$a,t to any liability e6,eedin 7_________ witho"t the
+$io$ w$itten ,onsent of ea,h +a$tne$)
8) %a+ital %ont$ib"tion) The ,a+ital ,ont$ib"tion of ea,h +a$tne$ to the +a$tne$shi+ shall ,onsist of the followin
+$o+e$ty, se$!i,es, o$ ,ash whi,h ea,h +a$tne$ a$ees to ,ont$ib"te#
Name Of Partner Capital
Contribution
Agreed-Upon Cash % Share
The +a$tne$shi+ shall maintain a ,a+ital a,,o"nt $e,o$d fo$ ea,h +a$tne$5 sho"ld any +a$tne$9s ,a+ital a,,o"nt fall
below the a$eed to amo"nt, then that +a$tne$ shall :(; ha!e his sha$e of +a$tne$shi+ +$ofits then d"e and +ayable
a++lied instead to his ,a+ital a,,o"nt5 and :2; +ay any defi,ien,y to the +a$tne$shi+ if his sha$e of +a$tne$shi+
+$ofits is not yet d"e and +ayable o$, if it is, his sha$e is ins"ffi,ient to ,an,el the defi,ien,y)
<) P$ofits and =osses) The +$ofits and losses of the +a$tne$shi+ shall be di!ided by the +a$tne$s a,,o$din to a
m"t"ally a$eeable s,hed"le and at the end of ea,h ,alenda$ yea$ a,,o$din to the +$o+o$tions listed abo!e)
>) Te$m&Te$mination) The te$m of this A$eement shall be fo$ a +e$iod of ____ yea$s, "nless the +a$tne$s
m"t"ally a$ee in w$itin to a sho$te$ +e$iod) Sho"ld the +a$tne$shi+ be te$minated by "nanimo"s !ote, the assets
and ,ash of the +a$tne$shi+ shall be "sed to +ay all ,$edito$s, with the $emainin amo"nts to be dist$ib"ted to the
+a$tne$s a,,o$din to thei$ +$o+o$tionate sha$e)
?) .is+"tes) This Pa$tne$shi+ A$eement shall be o!e$ned by the laws of the State of _______) Any dis+"tes
a$isin between the +a$tne$s as a $es"lt of this A$eement shall be settled by a$bit$ation in a,,o$dan,e with the
$"les of the Ame$i,an A$bit$ation Asso,iation and @"dment "+on the awa$d $ende$ed may be ente$ed in any ,o"$t
ha!in @"$isdi,tion the$eof)
A) Bithd$awal&.eath of Pa$tne$) In the e!ent a +a$tne$ withd$aws o$ $eti$es f$om the +a$tne$shi+ fo$ any $eason,
in,l"din death, the $emainin +a$tne$s may ,ontin"e to o+e$ate the +a$tne$shi+ "sin the same name) A
withd$awin +a$tne$ shall be obliated to i!e si6ty :>0; days9 +$io$ w$itten noti,e of his&he$ intention to withd$aw
o$ $eti$e and shall be obliated to sell his&he$ inte$est in the +a$tne$shi+) No +a$tne$ shall t$ansfe$ inte$est in the
+a$tne$shi+ to any othe$ +a$ty witho"t the w$itten ,onsent of the $emainin +a$tne$:s;) The $emainin +a$tne$:s;
shall +ay the withd$awin o$ $eti$in +a$tne$, o$ to the leal $e+$esentati!e of the de,eased o$ disabled +a$tne$, the
!al"e of his inte$est in the +a$tne$shi+, o$ :a; the s"m of his ,a+ital a,,o"nt, :b; any "n+aid loans d"e him, :,; his
+$o+o$tionate sha$e of a,,$"ed net +$ofits $emainin "ndist$ib"ted in his ,a+ital a,,o"nt, and :d; his inte$est in any
+$io$ a$eed a++$e,iation in the !al"e of the +a$tne$shi+ +$o+e$ty o!e$ its booC !al"e) No !al"e fo$ ood will shall
be in,l"ded in dete$minin the !al"e of the +a$tne$9s inte$est)
D) Non2%om+ete A$eement) A +a$tne$ who $eti$es o$ withd$aws f$om the +a$tne$shi+ shall not di$e,tly o$
indi$e,tly enae in a b"siness whi,h is o$ whi,h wo"ld be ,om+etiti!e with the e6istin o$ then anti,i+ated
b"siness of the +a$tne$shi+ fo$ a +e$iod of ____________, in those ________ of this State whe$e the +a$tne$shi+ is
,"$$ently doin o$ +lannin to do b"siness)
IN BITNESS BHERE3E, the +a$tne$s ha!e d"ly e6e,"ted this A$eement on the day and yea$ set fo$th
he$einabo!e)
_______________________
Pa$tne$
_______________________
Pa$tne$
Eind mo$e fo$ms fo$ yo"$ b"siness at www)ent$e+$ene"$),om&fo$mnet)