Free partnership agreement download

A California Partnership Agreement is a written, legally binding document that outlines the roles and relationships of the partners to each other and to the business venture. Our Partnership Agreement Template is straightforward. Simply fill in the information above to begin and your free Partnership Agreement will be ready in minutes to download, print and email. You need only your signatures to make the Agreement valid.

No notarization and no witnesses are required. Beginning date of partnership. The partnership can be open-ended, or it can have a set end date. Accounting method and distribution of profits and losses to the partners, including who will be in charge of maintaining the accounting books and records.

Voting rights of the partners, which aspects call for voting and which do not, along with vote tally required for various decisions. Dissolution of partnership. The Partnership Agreement must outline the conditions for dissolution of the partnership, such as a willful breach of contract by a partner, written contract to dissolve the partnership, insolvency orders under state laws, or death of a partner.

Our site helps you create a California Partnership Agreement. We offer free on-line templates and Partnership Agreement samples that make it easy. Simply fill in the information above to get started. Skip to content A partnership agreement is a written agreement between two or more than two people who wish to join as partners and to conduct a business to earn profits.

Generally, a partnership pact contains the nature of business, rights and responsibilities of … A Partner will be free of liability to the Partnership where the Partner is prevented from executing their obligations under this Agreement in whole or in part due to force majeure, such as earthquake, typhoon, flood, fire, and war or any other unforeseen and uncontrollable event where the Partner has communicated the circumstance of said event Tenancy agreement is prepared to safeguard rights of both of tenants and landlord for accommodation place.

Get a Free Consultation. Profits and Losses The net profits of the partnership shall be divided equally between the partners and the net losses shall be borne equally by them.

Interest No interest shall be paid on the initial contributions to the capital of the partnership or on any subsequent contributions of capital. Partnership Funds All funds of the partnership shall be deposited in its name in such checking account or accounts as shall be designated by the partners. Partnership Books At all times during the continuation of the Partnership, the Partners shall keep accurate books of account in which all matters relating to the Partnership, including all of its income, expenditures, assets, and liabilities, shall be entered.

Management Duties The partners shall have equal rights in the management of the partnership business including the authority to bind the Partnership in making contracts and incurring obligations in the name and on the credit of the firm, and each partner shall devote their entire time to the conduct of the business.

Dissolution The partnership may be dissolved at any time by agreement of the partners, in which event the partners shall proceed with reasonable promptness to liquidate the business of the partnership.

The assets of the partnership business shall be used and distributed in the following order: a to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations; b to equalize the income accounts of the partners; c to discharge the balance of the income accounts of the partners; d to equalize the capital accounts of the partners; and e to discharge the balance of the capital accounts of the partners.

Death of a Partner Upon the death of either partner, the surviving partner shall have the right either to purchase the interest of the decedent in the partnership or to terminate and liquidate the partnership business. Notices All notices between the parties provided for or permitted under this Agreement or by law shall be in writing and shall be deemed duly served when personally delivered to a Partner or, instead of personal service, when deposited in the United States mail, as certified, with postage prepaid, and addressed to the partner at the address of the principal place of business of the Partnership or to another place that may from time to time be specified in a notice given pursuant to this paragraph as the address for service of notice on the Partner.

Arbitration Any controversy or claim arising out of or relating to this Agreement, or the breach hereof, shall be settled by arbitration in accordance with the rules, then obtaining, of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.

Integration This Partnership Agreement contains the entire agreement of the parties with respect to the subject matter of this Agreement, and supersedes all prior negotiations, agreements and understandings with respect thereto. What is a Partnership Agreement?

A partnership agreement may also be called: General Partnership Agreement Partnership Contract Articles of Partnership Types of Partnership Agreements There are three basic types of partnership agreements. There is almost no downside to using a partnership agreement. Basic Information Needed in a Partnership Agreement You must include basic information in your partnership agreement to set the boundaries of your business.

Some of the basic information your agreement needs to include is: Partner names The name of your partnership The date your partnership takes effect Length of the partnership The purpose of your partnership After this information is recorded, discussions about the partnership terms can begin.

Outlining Your Partnership A partnership agreement is very detailed. Capital Contribution This determines ownership percentage. Types of Partners Your partnership may contain different types of partners with different workloads. Distribution Distributing profits and losses is an important part of a partnership agreement. Salary Partners should agree on a salary. Maintenance Part of your agreement should include tasks necessary to maintain your business.

Management You must discuss how the business is managed. Withdrawal At some point, a partner may need to withdraw from the agreement. Dissolution Your partnership may eventually need to dissolve. There are many reasons for dissolution, such as: Your agreement may include an end date. Your business has served its purpose. One partner or the entire partnership has gone bankrupt. Dispute Resolution Every partnership agreement needs a provision for resolving disputes.

Authority You and your partners need to agree on certain matters of authority. Death or Disability of a Partner Most agreements include something called a buy-sell agreement. New Partnership Members You must agree to the procedure for bringing in a new partner. Selling Your Business A partnership agreement also needs to describe how the business can be sold. Your agreement usually is not binding unless it is signed and notarized.

It is not necessary but recommended. These agreements protect the interests of all partners. They also put your business on solid footing. Do I Need a Lawyer? Not necessarily. A lawyer can help write your agreement but one is not required.

Hiring a lawyer makes writing your agreement much easier. Partnership agreements last as long as you want. This can be for years, decades, or even months. You and your partners will discuss length while writing your agreement. Your agreement should include any needed information. This does not mean it needs to be complex. The language in an agreement can be simple if it covers the right topics. Was this document helpful?

Share it with your network! The Best Lawyers For Less. Talk to a Top Lawyer for Free. Trusted By. Content Approved by UpCounsel. Popular Cities. Get Free Proposals. Request Free Proposals.

Download Document. Register with Google. First Name. Last Name. Zip Code. Work Email. Phone Number. Are you a lawyer? Are you interested in sourcing clients on UpCounsel? Email Me this Free Document Now.

By registering to download this document, you agree to our Terms of Use. Company Name. Ensure You Are Protected. Get Legal Peace of Mind. Want to grow your practice? Learn More Create your profile today and gain access to free marketing and practice management tools.

Share this document. Send to your friends, partners or attorney. Your Name:. Your Email:. Email Addresses: separated by a comma, 10 max. Message Body:. Send a copy to myself. Cancel Send. LastName] Partner 1 capital contribution Percentage ownership [Partner 2. LastName] Partner 2 capital contribution Percentage ownership. Furthermore, Partners may contribute additional capital to the Partnership after the drafting and signing of an Additional Capital Addendum added to this Agreement.

The profits and losses incurred as a result of the Partnership shall be divided by the Partners at the end of each calendar year per the percentage distribution listed above.

Both Partners collectively hold binding power to bind the Partnership to debt, additional agreements, or other third parties for purposes to further the Partnership.

Both Partners must sign any and all binding documents and agreements for such agreements to be held valid. Partners may admit a new Partner to the Partnership with a majority vote of existing Partners via an addendum to this agreement.

The new Partner shall be committed to all covenants, terms, and conditions of this Agreement. Except as authorized by a properly executed addendum to this Agreement, all actions, and decisions related to the management, operation, and control of the Partnership shall be decided by a unanimous vote of the Partners.

The term of this agreement shall be for number years beginning on the Effective Date and ending on ending date. Partners may add an addendum to this agreement to shorten or extend the term of the agreement.

A Partner may submit a termination request no later than 30 days before the intended termination date. The Partnership may only be terminated by unanimous vote. In the event of termination, the assets and cash of the Partnership shall be used to pay all creditors and other remaining open accounts. All assets and cash leftover from compensating outstanding dues shall be distributed among the Partners per their ownership interest listed in this Agreement.

If a dispute arises, Partners agree to enter into a professional mediation by a third party mediator before issuing any notice of Partnership termination.