Sample Partnership Agreement

This is a sample for a partnership agreement only. Any partnership agreement should only be made with the consultation and professional with a legal attorney. Such professional advice should be sought before agreeing to or signing on a partnership agreement as well.

Sample Partnership Agreement

Date:____________

Commences:___________

Expires:____________

Location:____________

This partnership agreement is made on this___________ day of, 20__, between the individuals listed below:

___________________________

___________________________

___________________________

—————————————————————————————————————

The partners listed above hereby agree that they shall be considered partners in business upon the commencement date of this partnership agreement for the following purpose:________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

 

The terms and conditions of this partnership are as follows:

  1. The name of the partnership shall  be:________________________________________________________________
  2. The principal place of business of the partnership shall be:_________________________________________________________________
  3. The capital contribution of each partner to the partnership shall consist of the following property, services or cash to which each partner agrees to contribute:

    Name of Partner  Capital Contribution  Agreed Upon Cash Value    Percent Share
    ______________     ________________   ____________________      ___________
    ______________     ________________   ____________________      ___________
    ______________     ________________   ____________________      ___________

    Furthermore, the profits and losses of the partnership shall be divided by the partners according to a mutually agreeable should you and at the end of each calendar year according to the proportions listed above.

  4. 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 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–dollars without the prior consent of each partner.
  5. In the event that a partner withdraws from the partnership for any reason, including death, the remaining partners may continue to operate the partnership using the same name. The withdrawing partner shall be obligated to sell his or her interest in the partnership. No partner shall transfer interest in the partnership to any other party without the written consent of each partner.
  6. Should the partnership be terminated by unanimous vote, the assets and cash of the partnership shall be used to be all creditors with remaining amounts to be distributed to the partners according to their proportionate share.
  7. Any disputes arising between the partners as a result of this agreement shall be settled by voluntary mediation. Should mediation failed to resolve the dispute, it shall be settled by binding arbitration.

In witness whereof, this partnership agreement has been signed by the partners on the date and year listed above.

Partner _____________________________________________

Partner _____________________________________________

Partner _____________________________________________

 

This is only a sample partnership agreement. Always consult an attorney with professional legal advice before you draw or sign any partnership agreement.