Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
2Activity
0 of .
Results for:
No results containing your search query
P. 1
Sample Partnership Agreement

Sample Partnership Agreement

Ratings: (0)|Views: 70 |Likes:
Published by Tariq Mir
THIS PARTNERSHIP AGREEMENT is entered into on ____ day of _____ , 2010, by and among the following: a. b. c. Partner 1 Partner 2 Partner 3

hereinafter collectively called the ‘Partners’ and individually called ‘Partner’ SECTION 1: NATURE AND PURPOSE OF AGREEMENT The purpose of this document is to set forth the terms and conditions covering the governance and management of the partnership and all the partners agree to be bound by these terms and conditions. WHEREAS, the partners wish to set fort
THIS PARTNERSHIP AGREEMENT is entered into on ____ day of _____ , 2010, by and among the following: a. b. c. Partner 1 Partner 2 Partner 3

hereinafter collectively called the ‘Partners’ and individually called ‘Partner’ SECTION 1: NATURE AND PURPOSE OF AGREEMENT The purpose of this document is to set forth the terms and conditions covering the governance and management of the partnership and all the partners agree to be bound by these terms and conditions. WHEREAS, the partners wish to set fort

More info:

Categories:Business/Law, Finance
Published by: Tariq Mir on Dec 06, 2010
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as DOC, PDF, TXT or read online from Scribd
See more
See less

11/04/2012

pdf

text

original

 
THIS PARTNERSHIP AGREEMENT is entered into on ____ day of _____ , 2010, by andamong the following:a. Partner 1b. Partner 2c. Partner 3 hereinafter collectively called the ‘Partners’ and individually called ‘Partner’
SECTION 1: NATURE AND PURPOSE OF AGREEMENT
The purpose of this document is to set forth the terms and conditions covering the governanceand management of the partnership and all the partners agree to be bound by these terms andconditions.WHEREAS, the partners wish to set forth, in a written agreement, the terms and conditions bywhich they will associate themselves in the Partnership. NOW THEREFORE, intending to be legally bound, the partners agree to be legally bound asfollows;
SECTION 2: PARTNERSHIP2.1 Partnership name:
The name of the partnership shall be “(Name of partnership)”
2.2 Place of business:
(business address). Until changed by agreement of the Partners. Thepartnership may own property and transact business in any and all other places as may fromtime to time be agreed upon by the Partners.
2.3 Purpose of the partnership:
The purpose of the Partnership shall be to (statement definingthe objective/purpose of partnership). The Partnership may also engage in any and every other kind or type of business, whether or not pertaining to the foregoing, upon which the Partnersmay at any time or from time to time agree.
2.4 Termination of partnership:
The Partnership shall commence as of the date of thisAgreement and shall continue until terminated as provided herein.
2.5 Future Projects:
The Partners recognize that future projects for 
this Partnership
dependupon many factors beyond present control, but the Partners wish to set forth in writing and tomutually acknowledge their joint understanding, intentions, and expectations that therelationship among the Partners will continue to flourish in future projects on similar terms andconditions as set forth in this Agreement.
 
2.6 Restrictions on Transfer:
None of the Partners shall sell, assign, transfer, mortgage,encumber, or otherwise dispose of the whole or part of that Partner's interest in the Partnership,and no purchaser or other transferee shall have any rights in the Partnership as an assignee or otherwise with respect to all or any part of that Partnership interest attempted to be sold,assigned, transferred, mortgaged, encumbered, or otherwise disposed of, unless and to theextent that the remaining Partner(s) have given consent to such sale, assignment, transfer,mortgage, or encumbrance.
SECTION 3: PARTNERS CAPITAL ACCOUNTS3.1 The Partners initial investment:
PARTNER CONTRIBUTION Partner 1 _______________ Partner 2 _______________ Partner 3 _______________  Partner 1’s initial investment of USD ____________ representing furniture & fixtures,computers, laptops, UPS and other office equipment will constitute a charge on the income of the partnership and be repaid to him as soon as the partnership starts generating positive cashflows or as mutually agreed by all the partners.Partner 3 commits USD ____________ if needed in advance for any project under thisagreemetn which shall constitute first charge on the incomes and be returned as soon as cashis collected
.
Unless agreed by all partners and as expressly stated in this agreement, no partner shall havethe right to withdraw any amount from his capital account. Partners are not entitled to interest ontheir capital accounts.
3.2 Profits and Losses:
Until modified by mutual consent or as expressly agreed by thePartners, the profits and losses of the Partnership and all items of income, gain, loss, deduction,or credit shall be shared by the Partners equally.
THE PARTNERS AGREE THAT INCOME, PROFITS AND LOSSES OF THE PARTNERSHIPSHALL BE KEPT DISTINCT AND SEPARATE FROM OTHER BUSINESS ACTIVITIES OFTHE PARTNERS.SECTION 4: BOOKS AND RECORDS
 
4.1 Books and records:
The Partnership books and records shall be maintained at theregistered office of the Partnership and each Partner shall have access to the books andrecords at all reasonable times.
SECTION 5: TIME AND SALARY5.1
Partner 2 will be compensated for his sweat equity by a salary of USD ________ per monthwhich should be reviewed every year for adjustments . Until the partnership turns cash positivehis salary payments will be accrued only. But when positive cash flows are generated allaccumulated dues will be paid to him. Once the partnership starts generating positive cashflows, his pay will be part of operational expenses.
5.2
Partner 1 / Partner 3 will also be compensated for sweat equity propotonate to the time andefforts invested based on the same rate as used for Partner 1 and such payments will becharged as operational expenses.
5.3
other partners joining in on a full time basis will be compensated as agreed mutually by allpartners.
SECTION 6: DISSOLUTION AND WINDING UP
This Partnership may be dissolved only by a unanimous agreement of the Partners. Upondissolution, the Partners shall proceed with reasonable promptness to liquidate the Partnershipbusiness and assets and wind-up its business by selling all of the Partnership assets, paying allPartnership liabilities, and by distributing the balance, if any, to the Partners in accordance withtheir capital accounts, as computed after reflecting all losses or gains from such liquidation inaccordance with each Partner's share of the net profits and losses.If for purposes of confidentiality, title to Partnership property is taken in the name of a nomineeor of any individual Partner, the assets shall be considered to be owned by the Partnership andall beneficial interests shall accrue to the Partners in the percentages set forth in thisAgreement.
6.1 Death, Incompetency, Withdrawal or Bankruptcy:
Death, incompetency, withdrawal, or bankruptcy of any of the Partners shall dissolve this Partnership.
6.2 Payments on dissolution:
On dissolution of the partnership the Partner or legalrepresentative shall be entitled to receive the amount of the Partner's capital account made asof the date of the dissolution adjusted for the following: 

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->