Sample Partnership Deed/agreement (Page 2 of 3) in pdf

Management Duties and Restrictions

The partners shall have equal rights in the management of the partnership business, and each partner

shall devote their entire time to the conduct of the business. Without the consent of the other partner

neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept

any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or

contract to purchase, or sell or contract to sell any property for or of the partnership other than the

type of property bought and sold in the regular course of its business.

Banking

All funds of the partnership shall be deposited in its name in such checking account or accounts as shall

be designated by the partners. All withdrawals there from are to be made upon checks signed by either

partner.

Books

The partnership books shall be maintained at the principal office of the partnership, and each partner

shall at all times have access thereto. The books shall be kept on a fiscal year basis, and shall be closed

and balanced at the end of each fiscal year. An audit shall be made as of the closing date.

Voluntary Termination

The partnership may be dissolved at any time by agreement of the partners, in which event the

partners shall proceed with reasonable promptness to liquidate the business of the partnership. The

partnership name shall be sold with the other assets of the business. The assets of the partnership

business shall be used and distributed in the following order:

(a) to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations;

(b) to equalize the income accounts of the partners;

(d) to equalize the capital accounts of the partners; and

(e) to discharge the balance of the capital accounts of the partners.

Page 2 of 3

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Sample Partnership Deed/agreement Page 2