
Partnership Agreement
Jim Clark Co
Collaborate with Confidence: Draft tailored partnership agreements to outline roles, protect interests, and build a solid foundation for your shared business success.
Jim Clark Co
Jim Clark Co
This Partnership Agreement ("Agreement") is made and entered into on [Date], by and between the following partners:
1. Name of the Partnership: The name of the partnership shall be [Name of Partnership] ("Partnership").
2. Purpose of the Partnership: The purpose of the Partnership is to [describe the business purpose and activities of the partnership].
3. Policies and Procedures for Adding or Removing Partners:
4. Duties and Responsibilities of the Partners: Each partner shall have the following duties and responsibilities:
[Describe the specific duties and responsibilities of each partner]
Decision-Making and Voting Procedures: Decisions regarding the Partnership shall be made as follows:
5. Allocation and Distribution of Profits and Losses:
6. Capital Contributions and Ownership Percentages:
Each partner agrees to contribute the following capital to the Partnership:
Ownership percentages shall be determined based on the capital contributions of each partner:
7. Acceptance of Liabilities: Each partner shall be jointly and severally liable for the debts and obligations of the Partnership.
8. Taxation:
9. Procedure for Addressing the Death or Disability of a Partner: In the event of the death or disability of a partner, the remaining partners may choose to:
10. Dissolution of the Partnership:
The Partnership may be dissolved for the following reasons:
Upon dissolution, the Partnership’s assets shall be liquidated, and the proceeds shall be distributed as follows:
11. Dispute Resolution: Any disputes arising under this Agreement shall be resolved through the following procedures:
12. Amendments: This Agreement may be amended only by a written document signed by all partners. Any changes must be discussed and agreed upon by all partners before they take effect.
15. Signatures: By signing below, the partners agree to the terms and conditions outlined in this Partnership Agreement.
This Agreement constitutes the entire agreement between the partners and supersedes all prior negotiations, representations, or agreements, whether written or oral. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
A partnership agreement isn't just for fancy law firms. A partnership contract agreement is like a prenup for a business. It's a must-have for any business with two or more owners, from tech startups to a family bakery. It spells out everything from each partner's role and responsibilities to how profits and any losses will be split, plus how to avoid future disagreements. By keeping things clear and fair, it avoids any future drama and helps a business run like a well-oiled machine. Basically, it sets the stage for a dream team, not a business nightmare.
There's no one-size-fits-all partnership agreement. Here are the main options to consider:
Not sure which type is right for you? An LLC can also be a good option, offering flexibility and limited liability to its members. Consult a lawyer to find the perfect fit!
A partnership agreement is the ultimate team playbook. Here's some common sections you should see:
Need somewhere to start for your partnership agreement? Simplify the process with Butterscotch's customizable templates! Here's why you'll love us:
A well-written partnership agreement is like a GPS for the business journey. It keeps everyone on the same page and sets the company up to achieve shared goals!
Answers to our most asked questions about partnership contract templates
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