A general agreement to form a business partnership.
Name of the Partnership PARTNERSHIP
STATE OF State Where Partnership is Formed
COUNTY OF County Where Partnership is Formed
Names of the Partners, herewith agree to engage in the business of Type of Business for the Partnership, and pursuant to the Uniform Partnership Act of the State of State Where Partnership is Formed, hereby form a general partnership.
The name of the partnership shall be Name of Partnership. The principal office of the partnership will be located at:
Address of Principal Office of Partnership and additional or substitute offices may be agreed upon from time to time by the parties.
The partnership's existence shall commence on Starting Date of Partnership and it shall continue until dissolved either by mutual agreement or by operation of law.
Ownership of the partnership will be in the same proportion of total annual hours contributed to Name of Partnership be each partner.
All decisions by Name of Partnership shall be made by first conferring for consensus between the partners. If there is no consensus the partner with the most hours specific to the project in question will make the decision. Projects can take several forms, including but not limited to, paid client works, unpaid endeavors to promote Name of Partnership, general administration of Name of Partnership affairs, development of products for sale.
The partners shall share in profits and losses to individual Name of Partnership projects in the same proportion as their hourly contributions. No interest shall be paid on capital contributions. No partner shall have the right to demand repayment of their capital contribution unless the same is through a dissolution of the partnership and a winding up of its affairs.
Books of account of hours for each project of the partnership and expenses paid by partners shall be kept in the following services Name of Accounting Services. Each partner is responsible for accurately tracking hours and expenses for themselves.
The partners shall distribute the net profit and loss of any project which shall be divided in the same proportion as hourly contributions on a monthly basis. The partners, may by decision, agree to distribute any surplus or may allocate surplus to the capital account of each partner.
The partners shall be entitled to withdraw the following sums from the partnership:
Limits on Withdrawals on a The Withdrawals Will be Made basis.
Any and all withdrawals made shall be deducted from any profits of the partnership.
Certain recurring bills shall be paid directly from Name of Partnership accounts only by consensus vote of the partners. If this general fund does not have enough money to cover project specific expenses than the funds shall be provided by the partner with the most hours towards the specific project. These funds may be reimbursed to the partner but only after decision.
The affairs of the partnership shall determined by decision.
Each partner shall have the right to manage the affairs of the partnership in the ordinary course of the partnership's business. However, no partner shall have the authority to:
a) confess judgment against the partnership;
b) borrow on the credit of the partnership or guarantee the debts of others with partnership credit except for transactions under $Maximum Dollar Authority of Individual Partner (Max Dollar Authority dollars) within the ordinary course of business of the partnership;
c) convey substantially all of the partnership assets
without prior approval by decision.
The day to day affairs of the partnership shall be managed by a management committee, which shall consist of Number of Partners to Serve on Management Committee partners, elected by decision. The management committee shall conduct the business of the partnership, and shall have the authority by decision to operate all of the business of the partnership, save those items specifically reserved to the partners as a whole.
This partnership shall terminate upon the death, bankruptcy or incompetency of any partner. Thereupon the remaining partners shall act as trustees for the partners and shall promptly wind up the affairs of the partnership unless the remaining partners agree that they will continue the business of the partnership.
Names of the Partners