Partnership Agreement

Name the Partnership will be operating under

Names of Partners Involved

Partner 1

Single Line Text

Partner 2

Single Line Text

Partner 3

Partner 4

Partner 5

1. Partner roles in signing and authorizations - A clear description of what the managers or officers of the business are authorized to do on behalf of the company.

Partner 1

1. Partner roles in signing and authorizations: A clear understanding of what the managers or officers of the business are authorized to do on behalf of the company. (copy)

Partner 2

1. Partner roles in signing and authorizations: A clear understanding of what the managers or officers of the business are authorized to do on behalf of the company. (copy) (copy)

Partner 3

1. Partner roles in signing and authorizations: A clear understanding of what the managers or officers of the business are authorized to do on behalf of the company. (copy) (copy) (copy)

Partner 4

1. Partner roles in signing and authorizations: A clear understanding of what the managers or officers of the business are authorized to do on behalf of the company. (copy) (copy) (copy) (copy)

Partner 5

2. Duties and responsibilities of each partner - a clear description of each partner’s responsibilities and duties so each partner knows what is expected of them and also what to expect from other partners. Furthermore, there should be predetermined consequences for partners not completing their duties.

Partner 1

2. Duties and responsibilities of each partner: a clear description of each partner’s responsibilities and duties so each partner knows what is expected of them and also what to expect from other partners. Furthermore, there should be predetermined consequences for partners not completing their duties.

Partner 2

2. Duties and responsibilities of each partner: a clear description of each partner’s responsibilities and duties so each partner knows what is expected of them and also what to expect from other partners. Furthermore, there should be predetermined consequences for partners not completing their duties. (copy)

Partner 3

2. Duties and responsibilities of each partner: a clear description of each partner’s responsibilities and duties so each partner knows what is expected of them and also what to expect from other partners. Furthermore, there should be predetermined consequences for partners not completing their duties. (copy) (copy)

Partner 4

2. Duties and responsibilities of each partner: a clear description of each partner’s responsibilities and duties so each partner knows what is expected of them and also what to expect from other partners. Furthermore, there should be predetermined consequences for partners not completing their duties. (copy) (copy) (copy)

Partner 5

3. Contributions of capital - What amount of time, money, and assets is each partner contributing to the partnership? This includes the initial contributions as well as additional contributions that may be necessary to continue operating the business in the future.

Partner 1

3. Contributions of capital - What amount of time, money, and assets is each partner contributing to the partnership? This includes the initial contributions as well as additional contributions that may be necessary to continue operating the business in the future. (copy)

Partner 2

3. Contributions of capital - What amount of time, money, and assets is each partner contributing to the partnership? This includes the initial contributions as well as additional contributions that may be necessary to continue operating the business in the future. (copy) (copy)

Partner 3

3. Contributions of capital - What amount of time, money, and assets is each partner contributing to the partnership? This includes the initial contributions as well as additional contributions that may be necessary to continue operating the business in the future. (copy) (copy) (copy)

Partner 4

3. Contributions of capital - What amount of time, money, and assets is each partner contributing to the partnership? This includes the initial contributions as well as additional contributions that may be necessary to continue operating the business in the future. (copy) (copy) (copy) (copy)

Partner 5

4. Rights to distributions, profits, compensation, and losses - Any right of the partners to receive discretionary or mandatory distributions, which includes a return of any or all of their contributions, needs to be clearly and specifically set forth in the partnership agreement.

Partner 1

4. Rights to distributions, profits, compensation, and losses - Any right of the partners to receive discretionary or mandatory distributions, which includes a return of any or all of their contributions, needs to be clearly and specifically set forth in the partnership agreement. (copy)

Partner 2

4. Rights to distributions, profits, compensation, and losses - Any right of the partners to receive discretionary or mandatory distributions, which includes a return of any or all of their contributions, needs to be clearly and specifically set forth in the partnership agreement. (copy) (copy)

Partner 3

4. Rights to distributions, profits, compensation, and losses - Any right of the partners to receive discretionary or mandatory distributions, which includes a return of any or all of their contributions, needs to be clearly and specifically set forth in the partnership agreement. (copy) (copy) (copy)

Partner 4

4. Rights to distributions, profits, compensation, and losses - Any right of the partners to receive discretionary or mandatory distributions, which includes a return of any or all of their contributions, needs to be clearly and specifically set forth in the partnership agreement. (copy) (copy) (copy) (copy)

Partner 5

5. A buy-sell provision or separate buy-sell agreement

This type of agreement addresses major changes in the partnership arrangement. For example, what if one partner voluntarily or involuntarily leaves the partnership? How are they bought out? What happens if you want to sell your ownership interest - should your business partner have a right to buy it before you sell it to a third party? What if your business partner dies? Or gets divorced? Or files for bankruptcy? Or just wants to retire?

6. Dissolution or exit strategy

The partnership agreement should indicate the events upon which the partnership is to be dissolved and its affairs wound up. It’s possible the business concept and model don’t lend themselves to answering this question. But, for example, in a real estate deal, it’s important to have a timeline and possible triggering events that will lead to either selling the property or buying out one of the partners if they don’t want to stick around for the long haul.

7. Unanimous vote requirements

Which events or decisions will require a unanimous vote of the business partners? It’s crucial that you and your business partners decide the procedure together from the outset.

8. Expulsion provision

Carefully consider this provision, which is a double-edged sword. The benefit of such a provision is that you can put in writing when a partner can be forced out of the business. For example, you and your partners could agree that if one partner isn’t pulling their weight, they can be forced out. But be certain your well-deserved, three-week vacation to Tahiti doesn’t trigger the expulsion clause.

9. Non-compete provision

For example, you and your business partner(s) may agree that if one of the partners leaves the business, they cannot open a competing business or work for a competing business within a certain number of miles and for a certain period of time.

9. Miscellaneous provisions

Some examples include a provision for attorney’s fees for the non-breaching party if they win a lawsuit, a mediation or binding arbitration clause so you don’t have to go to court if you don’t want to, or a venue or choice of law provision on which state law would be applied in a contract dispute and where the dispute would be litigated.

Date / Time

Date

Time

Name: Partner 1

First

Last

Signature

Signature of Partner 1

Date / Time

Date

Time

Name Partner 2

First

Last

Signature

Signature of Partner 2

Date / Time

Date

Time

Name Partner 3

First

Last

Signature

Signature of Partner 3

Date / Time

Date

Time

Name Partner 4

First

Last

Signature

Signature of Partner 4

Date / Time

Date

Time

Name Partner 5

First

Last

Signature

Signature of Partner 5