Business Partnership Agreement by EasyLegalDocs
This template outlines the formation and operation of a general business partnership between two partners. It covers essential aspects such as capital contributions, profit and loss allocation, management structure, financial management, and procedures for adding new partners or dissolving the partnership. The agreement also includes provisions for dispute resolution and governing law.
BUSINESS PARTNERSHIP AGREEMENT
This Business Partnership Agreement ("Agreement") is made and entered into as of ______________,
BY AND BETWEEN: | Partner 1: ______________, residing at ____________________________; |
AND: | Partner 2: ______________, residing at ____________________________. collectively referred to as the "Partners" and individually as a "Partner." |
Partnership Formation
The Partners agree to form a general partnership ("Partnership") under the name ____________________________for the purpose of conducting ____________________________ in accordance with the laws of the state of ______________.
Business Purpose
The Partnership shall engage in ____________________________________________________________________________________________________________________________________________________________ and any other lawful activities agreed upon by the Partners.
Term
This Agreement shall commence on ______________ and shall continue until terminated as provided herein.
Capital Contributions
Each Partner shall contribute the following capital:
Partner 1, ______________: $ ______________in (circle one) cash/property/services.
Partner 2, ______________: $ ______________ in (circle one) cash/property/services.
Additional contributions may be required upon unanimous agreement.
Profit and Loss Allocation
Profits and losses shall be divided ______________ among the Partners unless otherwise agreed in writing.
Management and Decision-Making
All business decisions shall be made by majority vote.
Each Partner shall have equal authority unless specified otherwise.
Bank Accounts & Financial Management
The Partnership shall maintain a business bank account at ______________ and all Partnership funds shall be deposited therein. Any withdrawals over $______________ require the approval of ____________________________.
Salaries and Distributions
The Partners may draw a salary or distributions as agreed upon. No Partner shall withdraw more than their share of profits unless approved by all Partners.
New Partners & Transfers
Admission of new Partners requires majority consent. No Partner may transfer their interest without the written approval of all other Partners.
Dissolution & Exit Strategy
The Partnership shall dissolve upon:
a) Mutual agreement of the Partners,
b) Death, bankruptcy, or incapacity of a Partner (unless the remaining Partners agree to continue),
c) Any event making the business unlawful.
Upon dissolution, all debts shall be paid, and remaining assets distributed proportionally.
Dispute Resolution
Any disputes shall first be resolved through mediation. If unresolved, disputes shall be settled via binding arbitration in ____________________________.
Governing Law
This Agreement shall be governed by the laws of the state of ________________________.
Miscellaneous Provisions
This Agreement represents the entire agreement between the Partners.
Amendments must be in writing and signed by all Partners.
If any provision is found unenforceable, the remaining provisions shall remain valid.
SIGNATURES
Partner 1 | Partner 2 |
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