Partnership Agreement
1. Partners
___________________________________________ (Partners) make the following
Partnership Agreement.
2. Creation of Partnership
As of ___________________, the Partners agree to enter into a Partnership for the
purpose of operating a business known as: ____________________________________
(Partnership Business).
The name of the Partnership (if different from name of Partnership Business) shall be:
____________________________________ (Partnership Name).
3. Nature of Partnership Business
The Partnership Business will consist of the following business activities:
_______________________________________________________________________
_____________________
4. Contributions to the Partnership
The Partners will make the following contributions to the Partnership:
Partner Name Cash Other Contribution Total
Contribution (describe property and/or work; give cash value) Contribution
Value
$ $
Total cash value:
$ $
Total cash value:
$ $
Total cash value:
$ $
Total cash value:
5. Profit and Loss Allocation
The Partners will share business profits and losses as follows:
[ ] in the same proportions as their contributions to the business.
[ ] as follows: __________________________________________________.
6. Management of Partnership Business
The Partners will have the following management powers and responsibilities:
[ ] The Partners will have equal management powers and responsibilities.
[ ] The Partners will share management powers and responsibilities as follows:
________________.
7. Addition of a Partner
A new Partner may be added to the Partnership under the following conditions:
[ ] unanimous vote of all Partners.
[ ] majority vote of Partners.
[ ] other conditions: __________________________________________.
8. Departure of a Partner
A Partner can be expelled by:
[ ] unanimous vote of the other Partners.
[ ] majority vote of the other Partners.
Any Partner who leaves voluntarily will give at least 30 days' written notice.
If any Partner leaves the Partnership for any reason, including voluntary withdrawal,
expulsion, or death, the Partnership will [ ] survive. [ ] dissolve.
If the Partnership survives, the remaining Partner(s) will pay, within a reasonable time,
the departing Partner, or the deceased Partner's estate, the fair market value of the
departing Partner's share of the business as of the date of his or her departure. The
Partnership's accountant will determine the fair market value of the departing Partner's
share of the business according to the following method: _____________________.
9. Dispute Resolution
If a dispute arises under this Agreement, the Partners agree to first try to resolve the
dispute with the help of a mutually agreed-on mediator. Any costs and fees other than
attorney fees will be shared equally by the Partners. If it is impossible to arrive at a
mutually satisfactory solution, the Partners agree to submit the dispute to binding
arbitration in the same city or region, conducted on a confidential basis pursuant to the
Commercial Arbitration Rules of the American Arbitration Association.
10. Amendment of Agreement
This agreement cannot be amended without the written consent of all Partners.
11. Partner Signatures
Name: ____________________________________
__________________________________________
Signature
Date: _____________________________________
Address: __________________________________
__________________________________________
Social Security # ____________________________
Name: ____________________________________
__________________________________________
Signature
Date: _____________________________________
Address: __________________________________
__________________________________________
Social Security # ____________________________
Name: ____________________________________
__________________________________________
Signature
Date: _____________________________________
Address: __________________________________
__________________________________________
Social Security # ____________________________
