PARTNERSHIP BUSINESS
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 Contribution Other Contribution (describe
property and/or work; give cash value) Total Contribution Value Rs.
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. The Partners will share any costs and fees other than attorney fees
equally. 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 [CD1]
Name:
___________________________
_________________________________
Signature
Date:
____________________________
Address:
_________________________
_________________________________
Social Security
# __________________
Name:
___________________________
_________________________________
Signature
Date:
____________________________
Address:
_________________________
_________________________________
Social Security
# __________________
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