Sample Buy-Sell Agreement Template Page 13
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14Sample Partnership Agreement
5. Profit and Loss Allocation
The Partners will share business profits and losses as follows:
[ ] in the same proportions as their contributions to the business.
[ ] as follows: __________________________________________________.
6. Management of Partnership Business
The Partners will have the following management powers and responsibilities:
[ ] The Partners will have equal management powers and responsibilities.
[ ] The Partners will share management powers and responsibilities as follows:
________________.
7. Addition of a Partner
A new Partner may be added to the Partnership under the following conditions:
[ ] unanimous vote of all Partners.
[ ] majority vote of Partners.
[ ] other conditions: __________________________________________.
8. Departure of a Partner
A Partner can be expelled by:
[ ] unanimous vote of the other Partners.
[ ] majority vote of the other Partners.
Any Partner who leaves voluntarily will give at least 30 days' written notice.
If any Partner leaves the Partnership for any reason, including voluntary withdrawal,
expulsion, or death, the Partnership will [ ] survive. [ ] dissolve.
Sample Partnership Agreement
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