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Partnership Agreement Template

Used 7,917 times

This distribution agreement template is designed to help UK distributors
accelerate their document signing process. Download your free copy today.

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Table of contents

 1.  1. Partnership
 2.  2. Place of business
 3.  3. Capital contributions
 4.  4. Profits and losses
 5.  5. Binding authority
 6.  6. Admitting a new partner
 7.  7. Management
 8.  8. Meetings
 9.  9. Title to property
 10. 10. Term
 11. 11. Termination
 12. 12. Disputes
 13. 13. Withdrawal/death of a partner
 14. 14. Involuntary withdrawal
 15. 15. Force majeure
 16. 16. Forbidden acts

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 3. Partnership Agreement Template

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Created by:



[Partner 2.FirstName][Partner 2.LastName][Partner 2.Company]

Prepared for:



[Partner 1.FirstName][Partner 1.LastName]

[Partner 1.Company]





PARTNERSHIP AGREEMENT TEMPLATE



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This Partnership Agreement (herein referred to as the "Agreement") is made and
entered into on this (day number) day of (month), (year), ("Effective Date"), by
and between [Partner 1.FirstName][Partner 1.LastName] of [Partner 1.Company] of
[Partner 1.StreetAddress][Partner 1.City][Partner 1.State][Partner 1.PostalCode]
and [Partner 2.FirstName][Partner 2.LastName]of [Partner 2.Company] of [Partner
2.StreetAddress][Partner 2.City][Partner 2.State][Partner 2.PostalCode] (each,
an individual "Partner" and collectively known as "Partners").

Now, Therefore, in consideration of the mutual warranties and covenants herein
contained, the Parties agree as follows:


1. PARTNERSHIP

The Parties hereby confirm and declare that it is their mutual desire to carry
out and execute a partnership whose purpose shall be to (business activities and
purpose) under the name (partnership name) (known as the "Partnership"). The
Partnership shall be governed in accordance with the laws of the State of
(partnership state).


2. PLACE OF BUSINESS

The primary office of the Partnership shall be located at (partnership address)
or conducted virtually as agreed to by the Partners.


3. CAPITAL CONTRIBUTIONS

Partners have agreed to contribute capital to the Partnership. which informs
their ownership percentage in the Partnership, in the amount listed below:



[Partner 1.FirstName] [Partner 1.LastName](Partner 1 capital contribution)
(Percentage ownership)

[Partner 2.FirstName] [Partner 2.LastName](Partner 2 capital contribution)
(Percentage ownership)



Furthermore, Partners may contribute additional capital to the Partnership after
the drafting and signing of an Additional Capital Addendum added to this
Agreement.


4. PROFITS AND LOSSES

The profits and losses incurred as a result of the Partnership shall be divided
by the Partners at the end of each calendar year per the percentage distribution
listed above.



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5. BINDING AUTHORITY

Both Partners collectively hold binding power to bind the Partnership to debt,
additional agreements, or other third parties for purposes to further the
Partnership. Both Partners must sign any and all binding documents and
agreements for such agreements to be held valid.


6. ADMITTING A NEW PARTNER

Partners may admit a new Partner to the Partnership with a majority vote of
existing Partners via an addendum to this agreement. The new Partner shall be
committed to all covenants, terms, and conditions of this Agreement.


7. MANAGEMENT

Except as authorized by a properly executed addendum to this Agreement, all
actions, and decisions related to the management, operation, and control of the
Partnership shall be decided by a unanimous vote of the Partners.


8. MEETINGS

Partners agree to meet, at minimum, bimonthly either in person or
teleconference.


9. TITLE TO PROPERTY

The Title to all Partnership Property will remain solely in the name of the
Partnership.


10. TERM

The term of this agreement shall be for (number) years beginning on the
Effective Date and ending on (ending date). Partners may add an addendum to this
agreement to shorten or extend the term of the agreement.




11. TERMINATION

A Partner may submit a termination request no later than 30 days before the
intended termination date. The Partnership may only be terminated by unanimous
vote. In the event of termination, the assets and cash of the Partnership shall
be used to pay all creditors and other remaining open accounts. All assets and
cash leftover from compensating outstanding dues shall be distributed among the
Partners per their ownership interest listed in this Agreement.


12. DISPUTES

If a dispute arises, Partners agree to enter into a professional mediation by a
third party mediator before issuing any notice of Partnership termination. The
mediation may be held in person or virtually through simultaneous audio and
video live feeds.


13. WITHDRAWAL/DEATH OF A PARTNER

If a Partner withdraws from the Partnership for any reason, including death or
retirement, the remaining Partners may continue to operate the Partnership under
the same name and legal documents. In the event of withdrawal, 60 days of
written notice to other Partners are required.

The withdrawing Partner must give the other remaining Partners the first right
of refusal to purchase his ownership interest in the Partnership. In the event
of a death of a Partner, all funds owed to the deceased Partner shall be
transferred to the designee of the deceased Partner's choosing as listed in the
Will and Trust.


14. INVOLUNTARY WITHDRAWAL

A Partner may be involuntarily removed from the Partnership if they exhibit
mental incapacity; incur a disability that impacts the Partner's ability to
perform competently in the Partnership; breach fiduciary duties; or are
convicted of a serious crime such as a felony. All remaining partners must
unanimously approve the removal of another partner involuntarily.


15. FORCE MAJEURE

A Partner or Partners will be free from the obligations of this Agreement in the
event that an act of God or other force majeure occurs, such as an earthquake,
hurricane, flood, fire, war, or another unforeseen and uncontrollable event
where the Partner has communicated the issue to the other Partners and took the
proper actions to mitigate the event and its consequences.




16. FORBIDDEN ACTS

No Partner may:

A. act in conflict with this Agreement.

B. conduct any act that would make business activities of the Partnership overly
burdensome or impossible to carry out.

C. permit any authority to a third party who is not a Partner in the Partnership

D. use the name or logo of the Partnership outside of activities intrinsically
related to the Partnership.

Any violation of the above Forbidden Acts will be deemed a violation of this
Agreement and potential expulsion of the offending Partner from the Partnership.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the Effective
Date and signed below.

[Partner 2.FirstName][Partner 2.LastName]

[Partner 1.FirstName][Partner 1.LastName]

Signature
MM / DD / YYYY

Signature
MM / DD / YYYY



PARTNERSHIP AGREEMENT TEMPLATE

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WHAT IS A PARTNERSHIP AGREEMENT?

Partnership agreement is a legally binding contract between two or more parties
that defines how the partners should operate a for-profit business, what their
rights and responsibilities are, as well as how profits and losses will be
distributed. Also the partnership contract usually covers the amount of capital
contributions, decision-making and voting process, a partner addition and
withdrawal, and partnership termination. If your business has already grown to
the size of a corporation, consider signing a shareholders agreement instead.


WHO NEEDS A PARTNERSHIP AGREEMENT?

Every two and more individuals who have agreed on launching a mutual business in
order to get profits from it are recommended to sign a partnership agreement.
The agreement guides signing parties in any important business affairs,
including the way of making decisions and handling disputes. Becoming a member
under partnership contract allows switching from a common approach of running
your deals in accordance with state laws to a more customized version, which
suits your particular needs and objectives. Signing this contract beforehand
anticipates many disagreements and conflicts that would otherwise destroy or
damage the business relations between partners


WHAT ARE THE 4 TYPES OF PARTNERSHIP?

There are three fundamental types of partnership agreements:

 * general partnership
 * limited partnership
 * limited liability partnerships.

Partnerships differ in terms of management structure, rights and
responsibilities of the engaged parties, investment opportunities, liability
implications, and applicable tax policies. While a general partnership is the
most standardized, with complete liabilities and independence for its members,
limited partnership and limited liability partnership offer particular
restrictions on the foundation performance and actions that can be done by the
signing parties. Choose the type of partnership that will better work for your
business and partners.


WHAT IS A STANDARD PARTNERSHIP AGREEMENT?

A standard partnership agreement is formed by two or more interested parties
with a desire to run a mutual business project and have co-owning rights on its
performance and results. The standard partnership contract has a list of dos and
don’ts to include. Among the must-have there are: names of your partnership,
information about engaged parties, their contributions, rights, division of
profits, and losses, as well as important management terms such as binding or
withdrawing partners.

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