Partnership Agreement Form

Has the partnership already been legally formed?

Has the partnership already been legally formed? YesNo, not yet

For example: Has the entity been registered with the Secretary of State? Or, does the partnership have a bank account or business license?

Do you know which state the partnership will be formed in?

Do you know which state the partnership will be formed in? YesNo, not yet

In which state is the partnership registered?

This is usually the same state where the primary business office is located.

Does the partnership have a name?

Does the partnership have a name? YesNo, not yet

Name of the partnership

Select the type of partnership:

Select the 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 Limited 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 know the business address that will be used for the partnership?

Do you know the business address that will be used for the partnership? YesNo, not yet

If not, you can enter it by hand later.

Partnership's mailing address

Street Address

Address Line 2

City

State

ZIP Code

This is usually the same as the primary business address.

Do you want to include the partnership's business purpose?

Do you want to include the partnership's business purpose? YesNo

(This is optional.)

Enter the partnership's business purpose:

On what date will this agreement take effect?

If you're not sure, leave this blank and enter it by hand later.

When will the partnership end?

When will the partnership end? It continues in perpetuity.It ends after 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.

Partner 1

1st partner's name

What is their ownership percentage?

1st partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

2nd partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

3rd partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

4th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

5th partner'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

What is their ownership percentage?

6th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

7th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

8th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

9th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

10th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

11th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

12th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

13th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

14th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

15th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

16th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

17th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

18th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

19th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

What is their ownership percentage?

20th partner's mailing address

Street Address

Address Line 2

City

State

ZIP Code

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

Will any of the partners make a capital contribution?

Will any of the partners make a capital contribution? 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:

Distribution of profits will be based on:

Distribution of profits will be based on: Each partner's ownership interest (%)All Partners equally (no matter ownership interest)Other

Profits of the partnership shall be distributed as follows:

Voting of each partner will be:

Voting of each partner will be: Based on ownership %Equal vote for each partner (no matter ownership %)

Any changes made to the partnership will require a:

Any changes made to the partnership will require a: Majority Vote2/3 VoteUnanimous VoteOther

Any changes made to the partnership will require:

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 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:

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:

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) names:

Which partners are required TO WORK for the partnership?

Which partners are required TO WORK for the partnership? None of the partnersSpecific partners onlyAll 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) who are required to work:

If any partner wants to LEAVE the partnership, they must give the following notice period:

Days

It is common to give 30 days' notice.

If a partner decides to sell their ownership, the partnership has the option to purchase their share 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 will be given a first right of refusal within:

Days

Meetings of the partnership will be:

Meetings of the partnership will be: Only when requested or necessaryRecurring scheduled meetings

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

Enter the name(s) of the partner(s) who can request a special meeting:

Describe how a special meeting may be requested:

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.

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.

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.

Would you like to add any other terms or conditions?

Would you like to add any other terms or conditions? YesNo

Additional Terms & Conditions:

Date of this Partnership Agreement:

This is usually today's date.

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