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New Mexico nt) PARTNER: ___________________________________________________ (Signature) __________________________________ (Name ­ Please Print) Partnership Agreement--Short 4 ___ (Signature) __________________________________ (Name ­ Please Print) PARTNER: ___________________________________________________ (Signature) __________________________________ (Name ­ Please Pri___________________________. IN WITNESS WHEREOF, the parties have caused this Agreement to be executed the day and year first above written. PARTNER: ________________________________________________ to time by providing notice as set forth above. Partnership Agreement--Short 3 17. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of ________ ________________________________ Partner Name: Address:_________________________ ________________________________ ________________________________ Any Partner may change his/her address from time follows: Partner Name: Address:_________________________ ________________________________ ________________________________ Partner Name: Address:_________________________ ____________________________tice required or otherwise given pursuant to this Agreement shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service, addressed aseement may be modified in writing and must be signed by all Partners. Such amendment shall be have the same force and effect as if it had been originally included in this Agreement. 16. Notice: Any no date of this Agreement. There are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Agreement. 15. Amendment: This Agre construed as so limited. 14. Entire Agreement: This Agreement constitutes the entire agreement between the Partners and supersedes any prior understanding or representation of any kind preceding theion of this Agreement is deemed invalid or unenforceable by any court of competent jurisdiction, and if limiting such provision would make the provision valid, then such provision shall be deemed to bs Agreement. 13. Severability: If any part or parts of this Agreement shall be held unenforceable for any reason, the remainder of this Agreement shall continue in full force and effect. If any proviss of this Agreement shall not be deemed a waiver or limitation of the Partners' right to Partnership Agreement--Short 2 subsequently enforce and compel strict compliance with every provision of thirs' rights under this Agreement are cumulative, and shall not be construed as exclusive of each other unless otherwise required by law. 12. Waiver: The failure of the Partners to enforce any provisionThe covenants and conditions contained in the Agreement shall apply to and bind the Partners and their heirs, legal representatives, successors and permitted assigns. 11. Cumulative Rights: The Partnep: The Partnership will terminate at any time upon unanimous agreement of the Partners or automatically upon the death, declared incompetency or bankruptcy of any of the Partners. 10. Binding Effect: fer of Partnership Interests and Rights: No Partner shall sell, assign, encumber, mortgage, transfer or otherwise dispose of his Partnership Interest, in whole or in part. 9. Termination of Partnershi_________________________; G. Confess judgment against the Partnership; H. Sign a security agreement or mortgage on behalf of the Partnership; or I. Sign a lease on behalf of the Partnership. 8. Transowing; E. Forgive any debt on behalf of the Partnership; F. Pledge the credit of the Partnership except for minor transactions in the ordinary course of business with an aggregate value of less than $ Partnership with an aggregate value greater than $_________________; D. Borrow money or otherwise contract any debt on behalf of the Partnership which would require additional capital or further borrbusiness; B. Enter into any agreement or series of agreements on behalf of the Partnership with an aggregate value greater than $___________________; C. Purchase any property or goods on behalf of theanagement of the business in the ordinary course of business. B. Prohibited Acts: Without the consent of all of the Partners, no Partner shall: A. Hire or discharge any employee for the Partnership's r shall have access to the books and records at all reasonable times. 7. Management A. Operations: Except as the Partners may otherwise agree in writing, each Partner shall have equal rights in the ml be kept by the Partners and entries promptly made of all of the transactions of the Partnership. Such books and records shall be maintained at the principal office of the Partnership and each Partnebutions: The Partnership will only make distributions in accordance with this Agreement and if all the Partners agree to such a distribution. 6. Accounting: Accurate and complete books of account shaland Losses: The profits and losses of the Partnership and all income, loss, deductions, costs or credit shall be shared by the Partners in the same proportion as their Capital Contributions. 5. DistriCapital Contribution: Unless otherwise agreed to in writing, the Partners shall contribute equally any capital they deem necessary to maintain the Partnership (the "Capital Contribution"). 4. Profits ime in accordance with this Agreement. 2. Term: The term of the Partnership will begin on _____________________, _________________ and will continue until terminated as provided in this Agreement. 3. o ______________________ ________________________________________________________________ (provide short description) and to engage in any other business that the Partners may determine from time to tfollows: 1. Name and Business: The parties hereby form a partnership under the name of ____________________________________________________________ (the "Partnership"). The Partnership's business is tnother and formalize such partnership with a written agreement setting out its terms and conditions; NOW THEREFORE, in consideration for the promises set forth in this Agreement, the parties agree as ____________________________ and _______________________________________ (each a "Partner," collectively referred to as the "Partners"). WHEREAS the parties wish to enter into a partnership with one ansure that it addresses the needs of your specific situation. PARTNERSHIP AGREEMENT This Partnership Agreement (the "Agreement") is made as of _______________, ___________, by and between ___________greement); therefore you should become familiar with the laws of your state before entering into a partnership agreement. Furthermore, before using this form you should consult with your attorney to edictate the rights and obligations of the owners. The laws governing partnerships may differ dramatically from state to state (e.g. some may require a registration of the partnership and partnership ahe partners will share profits and loses, and iii) decision making, authority and responsibility. If the owners of the business do not make a written partnership agreement, state partnership law will creating a partnership agreement, you can spell out how the business will operate and the commitments of the parties, including: i) the nature of each partner's contribution to the business, ii) how ta partnership; it will happen automatically when two or more people own a business together and do not designate the enterprise as some other type of business entity (e.g. corporation or LLC). But by d broadly by state law, there is considerable flexibility in how it is formed and governed, which also leads to variations in its complexity. Generally, nothing is required to establish a business as of the business and directly share in its profits. The consequence of this arrangement is that partners will also be liable for the partnership's debts and obligations. Because a partnership is defineermination of the partnership, buyout of a partner and other subjects, you may want to use our Partnership Agreement Long Form. Typically in a partnership each partner will participate in the control of two or more people (not a husband and wife) in their ownership of a for-profit business. This is the Partnership Agreement Short Form. If you would like additional specificity and flexibility in torms is subject to the "Disclaimers and Terms of Use" found at findlegalforms.com. INFORMATION Partnership Agreement ­ Short Form A partnership agreement is a document that formalizes the partnershipnsulting with an attorney to ensure that it addresses your particular situation. An attorney should be consulted before negotiating any document with another party. [_] The purchase and use of these f from state to state. These forms are not intended to be and are not a substitute for legal advice. These forms should only be a starting point for you and should not be used or signed before first coer records. [_] If your partnership will include more than four partners, you may alter the form (e.g. add signature blocks) to accommodate the additional partners. [_] Laws vary from time to time andd (3) the Partnership Agreement. [_] Each "partner" must sign the Partnership Agreement. [_] Multiple copies of this document should be signed so that each partner can keep a signed original for his/hInstructions & Checklist Partnership Agreement ­ Short Form [_] This package contains: (1) Instructions and Checklist for the Partnership Agreement; (2) Information about the Partnership Agreement; an New Mexico