Template of contract for partnership

Each of the listed partners shall contribute capital to the Partnership as listed below. All net profits from the Partnership shall be equally shared amongst the partners.

In addition, any net losses shall be jointly shared by the partners in a fair and equitable manner. They may, at their discretion, withdraw their share of net profits from their respective credit accounts from time to time.

The Partners shall equally share responsibility for managing the Partnership. As such, the Partners agree not to enter into additional partnerships, borrow or lend money, or enter into any contract or business position without consent from one another.

Dispute settlement. In cases of conflict, the contract should also include stipulations on how disputes will be resolved. Terms and conditions. This pertains to the dissolution of the partnership. The partners must specifically identify the period of existence of the partnership and grounds for dissolution aside from those stated by laws. General Partnership crookedpathfilms. This is crucial because the obligations and liabilities of the partner depends on his or her nature as a partner.

Here are the two major kinds of partners: General Partner — This type of partner participates in the daily operation of the partnership. In terms of liability, he or she is liable for all the debts and legal proceedings that the partnership will undergo. If all the members of the partnership are general partners, then as a whole they will form a general partnership.

If a partnership is made up of general partners and limited one, then as a whole they are considered as a limited partnership. There is no one federal law covering the requirements for a Partnership Agreement. This is because each individual state governs the businesses formed within that state. At the end, you receive it in Word and PDF formats.

You can modify it and reuse it. Back to top. Home Documents. Business Structure. Partnership Agreement. Formats Word and PDF.

Size 10 to 15 pages. Rating 4. How does it work? Choose this template Start by clicking on "Fill out the template".