Partnership Agreement Example printable pdf download

Partnership Agreement Example

THIS PARTNERSHIP AGREEMENT is made this __________ day of ___________, 20__, by and between

the following individuals:

Address: __________________________

___________________________

City/State/ZIP:______________________

Address: __________________________

___________________________

City/State/ZIP:______________________

1. Nature of Business. The partners listed above hereby agree that they shall be considered partners in business

for the following purpose:

______________________________________________________________________________

2. Name. The partnership shall be conducted under the name of ________________ and shall maintain offices

at [STREET ADDRESS], [CITY, STATE, ZIP].

3. Day-To-Day Operation. The partners shall provide their full-time services and best efforts on behalf of the

partnership. No partner shall receive a salary for services rendered to the partnership. Each partner shall have

equal rights to manage and control the partnership and its business. Should there be differences between the

partners concerning ordinary business matters, a decision shall be made by unanimous vote. It is understood that

the partners may elect one of the partners to conduct the day-to-day business of the partnership; however, no

partner shall be able to bind the partnership by act or contract to any liability exceeding $_________ without the

prior written consent of each partner.

4. Capital Contribution. The capital contribution of each partner to the partnership shall consist of the following

property, services, or cash which each partner agrees to contribute:

Name Of Partner

Capital

Agreed-Upon Cash

% Share

Contribution

The partnership shall maintain a capital account record for each partner; should any partner’s capital account fall

below the agreed to amount, then that partner shall (1) have his share of partnership profits then due and payable

applied instead to his capital account; and (2) pay any deficiency to the partnership if his share of partnership

profits is not yet due and payable or, if it is, his share is insufficient to cancel the deficiency.

5. Profits and Losses. The profits and losses of the partnership shall be divided by the partners according to a

mutually agreeable schedule and at the end of each calendar year according to the proportions listed above.

6. Term/Termination. The term of this Agreement shall be for a period of ____ years, unless the partners

mutually agree in writing to a shorter period. Should the partnership be terminated by unanimous vote, the assets

and cash of the partnership shall be used to pay all creditors, with the remaining amounts to be distributed to the

partners according to their proportionate share.

7. Disputes. This Partnership Agreement shall be governed by the laws of the State of _______. Any disputes

arising between the partners as a result of this Agreement shall be settled by arbitration in accordance with the

rules of the American Arbitration Association and judgment upon the award rendered may be entered in any court

having jurisdiction thereof.

Partnership Agreement Example