Partnership Agreement Example (Page 2 of 2) in pdf

Partnership Agreement Example Page 2

8. Withdrawal/Death of Partner. In the event a partner withdraws or retires from the partnership for any reason,

including death, the remaining partners may continue to operate the partnership using the same name. A

withdrawing partner shall be obligated to give sixty (60) days’ prior written notice of his/her intention to

withdraw or retire and shall be obligated to sell his/her interest in the partnership. No partner shall transfer interest

in the partnership to any other party without the written consent of the remaining partner(s). The remaining

partner(s) shall pay the withdrawing or retiring partner, or to the legal representative of the deceased or disabled

partner, the value of his interest in the partnership, or (a) the sum of his capital account, (b) any unpaid loans due

him, (c) his proportionate share of accrued net profits remaining undistributed in his capital account, and (d) his

interest in any prior agreed appreciation in the value of the partnership property over its book value. No value for

good will shall be included in determining the value of the partner’s interest.

9. Non-Compete Agreement. A partner who retires or withdraws from the partnership shall not directly or

indirectly engage in a business which is or which would be competitive with the existing or then anticipated

business of the partnership for a period of ____________, in those ________ of this State where the partnership is

currently doing or planning to do business.

IN WITNESS WHEREOF, the partners have duly executed this Agreement on the day and year set forth

hereinabove.

_______________________

Partner

Partnership Agreement Example Page 2