Partnership agreement
Used 295 times
The Partnership Agreement template outlines the formation of a partnership between two parties with a clear purpose and management structure. The agreement includes details such as capital contributions, allocation of profits and losses, and non-compete and non-solicitation clauses. The document serves as a legally binding contract that can only be modified in writing and signed by both parties.
Use Template
This Partnership Agreement ("Agreement") is made and entered into on [Date] by and between [Name of Partner 1], residing at [Address] ("Partner 1"), and [Name of Partner 2], residing at [Address] ("Partner 2").
1. Formation of Partnership
The parties hereby agree to form a partnership (the "Partnership") for the purpose of [Purpose of Partnership]. The Partnership shall be conducted under the name of [Name of Partnership] ("Partnership Name").
2. Capital Contributions
Partner 1 shall contribute [Amount] in cash or property to the Partnership. Partner 2 shall contribute [Amount] in cash or property to the Partnership. The contributions of the partners shall be used for the purposes of the Partnership.
3. Allocation of Profits and Losses
The profits and losses of the Partnership shall be allocated equally between the partners.
4. Management and Control
The management and control of the Partnership shall be vested in both partners. Each partner shall have an equal voice in the management of the Partnership.
5. Authority of Partners
Each partner is authorized to bind the Partnership with respect to any transaction in the ordinary course of the Partnership's business.
6. Dissolution and Winding Up
The Partnership may be dissolved at any time upon the written consent of both partners. Upon dissolution of the Partnership, the assets of the Partnership shall be liquidated and the proceeds shall be distributed equally between the partners.
7. Non-Competition and Non-Solicitation
During the term of this Agreement and for a period of [Non-Compete Period] following the termination of this Agreement, neither partner shall directly or indirectly engage in any business or activity that competes with the Partnership's business. Neither partner shall solicit any of the Partnership's clients, customers, or employees for a period of [Non-Solicitation Period] following the termination of this Agreement.
8. Governing Law and Dispute Resolution
This Agreement shall be governed by and construed in accordance with the laws of [State]. Any disputes arising under or in connection with this Agreement shall be resolved by binding arbitration in accordance with the rules of the American Arbitration Association.
9. Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior and contemporaneous agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. This Agreement may not be amended or modified except in writing signed by both parties.
IN WITNESS WHEREOF, the parties have executed this Partnership Agreement as of the date first above written.
[Name of Partner 1]
By: _____________________________
[Partner 1 Signature]
Date: ____________________________
[Name of Partner 2]
By: _____________________________
[Partner 2 Signature]
Date: ____________________________

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