Partnership Agreement Free

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Last updated   2020-04-17 14:02:33
Formats Word and PDF

With this Partnership Agreement, two or more individuals who wish to manage or operate a business together can define their relationship. Each Partner shares a portion of the partnership's profits and losses, and each Partner is personally liable for the debt and obligations of the Partnership.

 

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Document overview Document Overview

With this Partnership Agreement, two or more individuals who wish to manage or operate a business together can define their relationship. Each Partner shares a portion of the partnership's profits and losses, and each Partner is personally liable for the debt and obligations of the Partnership.

The Partnership Agreement defines the Partner responsibilities, outlines the ownership interest in the Partnership, defines the profit and loss distribution of each Partner, prepares the Partnership for common business scenarios, and includes other important rules about how the Partnership will be managed and conduct business.
 

 

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How to use this document How to use this document

The document will cover the following subjects:

  • Partnership name: the legal name under which the Partnership will do business
  • Purpose of the Partnership: a brief description of the business that the Partnership will conduct
  • Partner information: the legal names and addresses of all of the Partners currently involved in the Partnership
  • Capital contributions: a description of the cash, property, services, and other resources initially contributed to the Partnership by each of the Partners
  • Ownership interest: a description of the percent of the Partnership owned by each of the Partners
  • Profit/Loss distribution: an explanation of how the profits and losses of the Partnership will be distributed between the Partners, often based on capital contributions and/or ownership interest, and how often distribution will take place
  • Management and voting requirements: a description of how the Partnership will be managed, how voting weight will be determined, and whether unanimous or majority votes will be required to make important decisions about the finances and operations of the Partnership
  • Partner addition and withdrawal: the guidelines for how the Partnership will handle the addition of Partners, the voluntary withdrawal of Partners, and the involuntary withdrawal of Partners
  • Partnership dissolution: an outline of the circumstances under which the Partnership can be dissolved and a description of how the remaining assets of the Partnership will be divided between the Partnership if the Partnership is dissolved

Both parties should sign a completed document. We recommend keeping copies in case any future disputes arise.
 

Applicable law Applicable law

Individual state laws govern Partnership Agreements.
 

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