Draft a partnership agreement
[Your Company Name]
PARTNERSHIP AGREEMENT
This Partnership Agreement ("Agreement") is made and entered into as of [Date] by and between:
[Partner 1 Name], residing at [Address], hereinafter referred to as "Partner 1"
and
[Partner 2 Name], residing at [Address], hereinafter referred to as "Partner 2"
(collectively referred to as the "Partners").
WHEREAS, the Partners desire to enter into a partnership for the purpose of [Specify Purpose of Partnership];
NOW, THEREFORE, the Partners agree as follows:
1. FORMATION OF PARTNERSHIP
The Partners hereby agree to form a partnership under the laws of [State/Country], effective as of the date first mentioned above.
2. NAME
The name of the partnership shall be [Partnership Name]. The Partners will operate under this name and will make all necessary filings and registrations to ensure compliance with applicable laws.
3. TERM
The partnership shall commence on the date indicated above and shall continue until terminated by mutual agreement of the Partners or as otherwise provided in this Agreement.
4. CAPITAL CONTRIBUTIONS
a) Partner 1 shall contribute an amount of [Specify Amount] in cash or assets to the partnership as an initial capital contribution.
b) Partner 2 shall contribute an amount of [Specify Amount] in cash or assets to the partnership as an initial capital contribution.
5. ALLOCATION OF PROFITS AND LOSSES
The profits and losses of the partnership shall be allocated between the Partners in proportion to their respective capital contributions.
6. MANAGEMENT AND DECISION-MAKING
The Partners shall have equal rights in the management and decision-making of the partnership. Each Partner shall have one vote, and unanimous agreement shall be required for major decisions affecting the partnership.
7. DUTIES AND RESPONSIBILITIES
The Partners shall collaborate and work diligently to achieve the goals and objectives of the partnership. Each Partner shall contribute their time, skills, and effort toward the success of the partnership.
8. CAPITAL ACCOUNTS
Capital accounts shall be maintained for each Partner, reflecting their contributions to and withdrawals from the partnership. The Partners shall have the right to withdraw capital subject to the provisions of this Agreement.
9. PROFIT DISTRIBUTIONS
Net profits of the partnership shall be distributed to the Partners on a periodic basis in accordance with their respective ownership interests, as specified in their capital accounts.
10. DISSOLUTION
The partnership may be dissolved by mutual agreement of the Partners or upon the occurrence of certain events as specified in this Agreement. In the event of dissolution, the Partners shall follow the procedures outlined in this Agreement and applicable laws.
11. DISPUTE RESOLUTION
Any disputes or disagreements arising under or in connection with this Agreement shall be resolved through mediation or arbitration, in accordance with the laws of [State/Country].
12. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of [State/Country].
13. ENTIRE AGREEMENT
This Agreement contains the entire understanding and agreement of the Partners relating to the subject matter hereof and supersedes any prior written or verbal agreements or understandings.
IN WITNESS WHEREOF, the Partners have executed this Partnership Agreement as of the date first mentioned above.
Partner 1: ____________________ Date: ____________
[Partner 1 Name]
Partner 2: ____________________ Date: ____________
[Partner 2 Name]