General partnership agreement

GENERAL PARTNERSHIP AGREEMENT

 This agreement (“Agreement”) establishes a partnership (“Partnership”) between the following parties:

 [names and addresses of all people who will be in the partnership]

and is undersigned and set forth this [date] of [month], [year].

The undersigned parties hereby agree to the following provisions as conditions of the Partnership:

 SECTION 1--Partnership Outline

1.1   The Partnership will be named [name of partnership], for the purpose of [purpose of the partnership], and will conduct all business at [address where business will be conducted].

1.2   Partnership will commence on the date listed above, and will end [specific date partnership will terminate, and/or a clause about how the partnership will end, such as mutual agreement on a dissolution, death of one or more partners, etc.].

 SECTION 2--Initial Capital

2.1   Each Partner will contribute original capital according to the following rules: [description of how much each partner will contribute to the initial capital].

2.2   A separate capital account will be maintained for each Partner.

 SECTION 3--Interest on Capital

[detail if/when partners may collect interest on their initial capital contributions]

 SECTION 4--Shares

Each Partner’s shares in the Partnership shall be determined by [method of determining shares, such as making them proportional to the amount of initial capital each partner contributes].

 SECTION 5--Accounts/Income

5.1   Each Partner will have an income account in his/her individual name, which shall be separate from the capital account mentioned in Section 2.

5.2   Income and/or salaries will be distributed [description of if/when any income and/or salaries will be distributed to partners, including a description of how the income and salaries will be determined].

 SECTION 6--Profits and Losses

6.1   Any profits and/or losses will be distributed and/or debited from a Partner’s income account.

6.2   Profits and losses will be distributed and/or debited [description of when profits and losses will be accounted for; monthly, quarterly, etc.].

 SECTION 7--Banking

Income and capital accounts for each Partner will be set up [name(s) of bank or institution where accounts will be maintained].

 SECTION 8--Books/Accounting

8.1   Accounting books and other records pertinent to the Partnership will be kept at [location of books], and any partner and/or his/her representative may have access to the books during normal business hours.

8.2   The accounts for this Partnership will [description of how they will be maintained, included when they will be balanced and whether they will be kept on a cash basis or other method].

 SECTION 9--Management

9.1   Partnership will be managed [description of how the management of the partnership will work, including any clauses about the day-to-day operations].

9.2   Each partner is expected to devote [description of how much is expected of each partner with regard to time spent on the partnership].

9.3   Partnership meetings will [outline if/when partners will be required to attend meetings].

 SECTION 10--Disputes/Arbitration

Disputes that cannot be settled by the Partners via a mutual decision-making process will be [sent to an arbitrator, voted on, etc.].

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