Partnership Agreement

Name of the Partnership

State the Partnership was formed:

This is usually the same State where the Principal Office Address is located.

Partnership's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

Usually the same as the Principal Office Address.

Type of Partnership:

Type of Partnership: General Partnership (GP) - All the Partners agree to hold equal personal responsibility in the Partnership’s liabilities.Limited Partnership (LP) - The General Partners will bear all responsibility, the Limited Partners will have limited liability.Limited Liability Partnership (LLP) - Each Partner is liable for their own negligence or wrongful acts, not financial obligations.Limited Liability Partnership (LLLP) - Both the General Partners and Limited Partners have limited liability.

How many GENERAL PARTNERS will be in the Limited Partnership (LP)?

General Partner(s)

General Partners are responsible for the day-to-day activities of the partnership. At least 1 General Partner is required under a Limited Partnership (LP).

Enter the General Partner's Name:

Enter the Names of the General Partners:

How many GENERAL PARTNERS will be in the Limited Liability Limited Partnership (LLLP)?

General Partners are responsible for the day-to-day activities of the partnership. At least 1 General Partner is required under a Limited Liability Limited Partnership (LLLP).

Enter the General Partner's Name:

Enter the Names of the General Partners:

Do you want to write the Partnership's Business Purpose?

Do you want to write the Partnership's Business Purpose? YesNo

(optional)

Enter the Partnership's Business Purpose:

Start Date

What is the Start Date of this Agreement?

The 1st day the partnership will be conducting business matters in accordance with this Agreement.

Termination

When will the Partnership end?

When will the Partnership end? In PerpetuityUntil a Fixed Term

Enter the End Date

In most States, this date must be at least 10 years from the Start Date.

Enter the TOTAL Number (#) of Partners:

Partners

Enter the Partners' Names in the next step.

Partners' Names

Partner 1

1st Partner's Name

Partner 1's Ownership Percentage

Partner 1's Mailing Address:

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 1 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 1 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 2

2nd Partner's Name

Partner 2's Ownership Percentage:

Partner 2's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 2 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 2 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 3

3rd Partner's Name

Partner 3's Ownership Percentage

Partner 3's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 3 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 3 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 4

4th Partner's Name

Partner 4's Ownership Percentage

Partner 4's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 4 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 4 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 5

5th Partner's Name

Partner 5's Ownership Percentage

Partner 5's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 5 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 5 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 6

6th Partner's Name

Partner 6's Ownership Percentage

Partner 6's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 6 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 6 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 7

7th Partner's Name

Partner 7's Ownership Interest

Partner 7's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 7 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 7 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 8

8th Partner's Name

8th Partner's Ownership Interest

8th Partner's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 8 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 8 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 9

9th Partner's Name

Partner 9's Ownership Interest

Partner 9's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 9 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 9 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 10

10th Partner's Name

Partner 10's Ownership Interest

10th Partner's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 10 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 10 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 11

11th Partner's Name

11th Partner's Ownership Interest

11th Partner's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 11 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 11 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 12

12th Partner's Name

Partner 12's Ownership Interest

Partner 12's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 12 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 12 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 13

13th Partner's Name

Partner 13's Ownership Percentage

Partner 13's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 13 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 13 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 14

14th Partner's Name

Partner 14's Ownership Percentage

Partner 14's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 14 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 14 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 15

15th Partner's Name

Partner 15's Ownership Interest

Partner 15's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 15 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 15 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 16

16th Partner's Name

Partner 16's Ownership Interest

Partner 16's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 16 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 16 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 17

17th Partner's Name

Partner 17's Ownership Interest

Partner 17's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 17 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 17 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 18

18th Partner's Name

Partner 18's Ownership Interest

Partner 18's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 18 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 18 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 19

19th Partner's Name

Partner 19's Ownership Interest

Please enter some text.

Partner 19's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 19 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 19 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Partner 20

20th Partner's Name

Partner 20's Ownership Interest

Partner 20's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

(optional)

Does Partner 20 have authority to SIGN CONTRACTS on behalf of the Partnership?

Does Partner 20 have authority to SIGN CONTRACTS on behalf of the Partnership? YesNo

Capital Contributions

Will any of the Partners be making Capital Contributions?

Will any of the Partners be making Capital Contributions? YesNo

A Capital Contribution may refer to an amount of money or assets given to a business or partnership by the partners. The capital contribution increases the owner or partner's ownership interest in the entity.

Enter the Partner(s) Name(s) and the Capital Contribution made:

Be sure to include the monetary value of each capital contribution made.

Date when Capital Contributions must be made:

Profits

Distributing profits to each Partner will be based on:

Distributing profits to each Partner will be based on: Partner's Ownership Interest (%)All Partners equally (no matter ownership interest)Other

Profits of the Partnership shall be paid as an equal amount to each Partner no matter their ownership interest.

Profits of the Partnership shall be distributed as follows:

Voting

Voting of each Partner will be:

Voting of each Partner will be: Based on Ownership %Equal Vote for Each Partner (no matter ownership %)

Changes to the Partnership

Any changes made to the Partnership shall require a:

Any changes made to the Partnership shall require a: Majority Vote2/3 VoteUnanimous VoteOther

Any changes made to the Partnership shall require:

Audits

Audits of the Partnership's Accounting can be made by:

Audits of the Partnership's Accounting can be made by: Majority Vote2/3 VoteUnanimous VoteOther

It is common for audit powers to be given to the partners. Especially when questionable accounting practices are present.

An audit of the Partnership may occur when:

Costs and Expenses

Costs and Expenses of the Partnership will be the responsibility of:

Costs and Expenses of the Partnership will be the responsibility of: All Partners based on ownership interest (%)All Partners equally (no matter ownership interest)Other

The costs and expenses of the Partnership shall be the responsibility of

Enter who will be responsible for the Costs and Expenses:

Competing Business

Are Partners allowed to be affiliated with a competing business?

Are Partners allowed to be affiliated with a competing business? Yes, Partners are able to engage in similar businesses.No, Partners are not able to engage in similar businesses.Other

Otherwise known as a "non-compete," this prohibits any Partner from offering the same products or services as the Partnership.

The Partnership's rules for similar business practices is as follows:

Day-to-Day Management

Which Partners will be responsible for MANAGING the day-to-day operations of the Partnership?

Which Partners will be responsible for MANAGING the day-to-day operations of the Partnership? All the PartnersSpecific Partners

Enter the Specific Partner(s):

Required to Work

Which Partners are required TO WORK for the Partnership?

Which Partners are required TO WORK for the Partnership? None of the PartnersSpecific Partners (only)All the Partners

If a Partner is required to work for the Partnership, it usually is in accordance with their ownership interest.

Enter the Partner(s) Name(s) required to work:

Leaving the Partnership

If any Partner wants to LEAVE the Partnership, they must give the following notice period:

Days

It is common to give 30 days' notice.

Selling Ownership

If a Partner decides to sell their ownership, the Partnership have the option to purchase the ownership within:

Days

Also known as a "First Right of Refusal," which allows the Partnership to buy the ownership under the same terms as the buyer.

The most common time-frame is 90 days.

If the Partnership declines to purchase within the notice period, each Partner shall be given a first right of refusal within:

Days

Meetings

Meetings of the Partnership will be:

Meetings of the Partnership will be: Only when requested or necessaryRecurring Scheduled Meetings

The Partnership shall have recurring scheduledz meetings each

When will the Meetings be scheduled?

When will the Meetings be scheduled? AnnuallySemi-AnnuallyQuarterlyBi-MonthlyMonthlyBi-WeeklyWeekly

The Partnership shall have recurring scheduled meetings every

Special meetings of the Partnership can be requested by:

Special meetings of the Partnership can be requested by: Any PartnerOnly SPECIFIC PartnersOther

Special meetings of the Partnership can be requested by

Enter the Partner(s) Name(s) of who can request a Special Meeting:

Enter how a Special Meeting may be requested:

Tax Year

Do you know when the Tax Year will end?

Do you know when the Tax Year will end? YesNo

Month

Day

It's common for the tax year to end the same as the calendar year.

Accounting Records

Accounting records shall be kept on:

Accounting records shall be kept on: an Accrual Basisa Cash Basis

Accrual basis means revenue and expenses are recognized and recorded when they occur, while cash basis accounting means these line items aren't documented until cash exchanges hands.

Cash basis accounting is easier, but accrual accounting portrays a more accurate portrait of a company's health by including accounts payable and accounts receivable.

The Accrual basis is the most commonly used method, especially by publicly-traded companies as it smooths out earnings over time.

Annual Reports

Annual Reports must include the following:

Annual Reports must include the following: Balance SheetIncome StatementCash Flow StatementProfit and Loss (summary)

Annual Report is provided by the General Partner(s) or the partner(s) in charge of the day-to-day activities of the partnership.

Additional Terms and Conditions

Add any Additional Terms & Conditions?

Add any Additional Terms & Conditions? YesNo

This is the last chance for you to add any additional language to this Partnership Agreement.

Additional Terms & Conditions:

Date

Date of this Partnership Agreement:

(optional)

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