PARTNERSHIP AGREEMENT
Partner's Name, residing at
[Partner's Address]
Partner's Name, residing at
[Partner's Address]
Partner's Name, residing at
[Partner's Address]
(Hereinafter referred to
collectively as the "Partners").
1. Name and Purpose:
The
name of the partnership shall be [Partnership Name]. The purpose of the
partnership is to [briefly describe the business activities the partnership
will engage in].
2. Capital Contributions:
Each Partner shall contribute the following capital to the partnership:
Partner's
Name: [Amount/Description of Contribution]
Partner's
Name: [Amount/Description of Contribution]
Partner's
Name: [Amount/Description of Contribution]
3. Ownership Interest:
The
ownership interest of each Partner in the partnership shall be as follows:
4. Management and Decision-Making:
Management
of the partnership shall be conducted by [Specify how management decisions will
be made, e.g., majority vote, consensus]. Major decisions shall require the
approval of [Specify percentage or number of Partners].
5. Distribution of Profits and Losses:
Profits
and losses of the partnership shall be allocated among the Partners in
accordance with their ownership interests as specified in Section 3 of this
Agreement.
6. Withdrawal and Removal of Partners:
A
Partner may withdraw from the partnership upon [Specify conditions for
withdrawal, e.g., written notice to other Partners, approval of majority vote].
A Partner may be removed from the partnership for cause upon [Specify grounds
for removal, e.g., breach of Agreement, misconduct] by [Specify process for
removal, e.g., unanimous vote of other Partners].
7. Dissolution and Winding-Up:
The
partnership shall be dissolved upon the occurrence of any of the following
events:
[Specify
events leading to dissolution, e.g., bankruptcy of a Partner, mutual agreement
of Partners].
Upon
dissolution, the assets of the partnership shall be liquidated and distributed
among the Partners in accordance with their ownership interests.
8. Governing Law:
This
Agreement shall be governed by and construed in accordance with the laws of
[Jurisdiction]. Any dispute arising out of or in connection with this Agreement
shall be subject to the exclusive jurisdiction of the courts of [Jurisdiction].
9. Confidentiality:
Partners
agree to maintain the confidentiality of all proprietary information and trade
secrets of the partnership. This includes, but is not limited to, business
plans, financial records, customer lists, and any other information deemed
confidential by the Partners.
10. Non-Compete:
During
the term of this Agreement and for a period of [Specify duration, e.g., two
years] following its termination or dissolution, Partners agree not to engage
in any business that competes with the partnership without the prior written
consent of the other Partners.
11. Insurance:
The
partnership shall obtain and maintain appropriate insurance coverage, including
but not limited to liability insurance and property insurance, to protect the
interests of the Partners and the business.
12. Meetings and Records:
Regular
meetings of the Partners shall be held [Specify frequency, e.g., quarterly] to
discuss the affairs of the partnership. Minutes shall be kept of all meetings,
and financial records shall be maintained in accordance with generally accepted
accounting principles.
13. Admission of New Partners:
New
Partners may be admitted to the partnership upon the unanimous consent of the
existing Partners. The terms of admission shall be negotiated and documented in
an amended partnership agreement.
14. Assignment:
Partners
may not assign their ownership interests in the partnership without the prior
written consent of the other Partners.
15. Entire Agreement:
This
Agreement constitutes the entire agreement between the Partners with respect to
the subject matter hereof and supersedes all prior agreements and
understandings, whether written or oral, relating to such subject matter.
16. Amendments:
Any
amendments or modifications to this Agreement must be made in writing and
signed by all Partners.
17. Severability:
If
any provision of this Agreement is held to be invalid or unenforceable for any
reason, such provision shall be deemed to be severed from this Agreement, and
the remaining provisions shall continue in full force and effect.
IN
WITNESS WHEREOF, the parties hereto have executed this Partnership Agreement as
of the date first above written.
