A partnership agreement is a crucial document that outlines the rights and responsibilities of each party involved in a partnership. It is a legally binding agreement that helps prevent misunderstandings and disputes between partners. If you are entering into a partnership, it is important to have a partnership agreement in place. In this article, we will provide you with a sample partnership agreement sample that can be used as a template.
This partnership agreement is made and entered into on [date] by [partner 1 name] and [partner 2 name] (collectively referred to as “partners”).
The purpose of this partnership agreement is to establish the terms and conditions of the partnership between the partners.
This partnership agreement shall commence on [date] and shall continue until it is terminated by mutual agreement of the partners or by the death or disability of one of the partners.
Each partner shall contribute [amount] to the partnership. The contribution shall be made in cash or other assets as agreed upon by the partners.
Profits and Losses
The profits and losses of the partnership shall be allocated among the partners in accordance with their percentage of ownership in the partnership.
The partners shall manage the partnership jointly. No partner shall have the authority to act on behalf of the partnership without the consent of the other partner.
The partners shall hold regular meetings to discuss the business of the partnership. All decisions shall be made by mutual agreement of the partners.
This partnership agreement may be dissolved by mutual agreement of the partners or by the death or disability of one of the partners. Upon dissolution, the assets of the partnership shall be distributed in accordance with the terms of this agreement.
This partnership agreement shall be governed by the laws of the state of [state].
The above sample partnership agreement sample is a basic template that can be customized to suit the specific needs of your partnership. It is important to have a partnership agreement in place to avoid any misunderstandings or disputes that may arise. Be sure to consult with a legal professional before finalizing your partnership agreement.