Partnership Agreement - Short Form

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This form provides you with the instructions you need to navigate the often confusing laws governing partnership agreements. Containing a form for allowing two or more people to set up a partnership, this document will simplify the process for you and your business.

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A Partnership Agreement is a legal document that memorializes the partnership of two or more individuals (not husband and wife) in a for-profit business endeavor. A Partnership Agreement is important because it sets out the arrangements between the parties which may include capital contributions, how a buy-out will be conducted and whether other partners will be included. It is important to note that if you operate as a partnership, but do not have a proper Partnership Agreement in place, the laws of your state will govern how your partnership does business. Some states may require that the entity be registered or that a partnership agreement be created.

In general partnerships are broadly defined so there is a large degree of flexibility in how they are formed. By law, when two people join together to create a business, a partnership is formed. A Partnership Agreement will serve as a guideline as to how the partnership will conduct its affairs and business transactions. This Partnership Agreement is the short form. If you require more detail and extended provisions regarding partnership termination, buy out and other matters, you can opt to use our Partnership Agreement - Long Form.

Among others, this form includes the following provisions:
  • Partnership Name and Place of Business: Identifies your partnership and the address of your principal place of business
  • Term of the Partnership: Sets out the term of the agreement
  • Contributions: Sets forth the capital contributions of the partners
  • Operations and Management: These provisions will set out how the partnership will be run and managed

This attorney-prepared packet contains:
  1. Instructions and Checklist
  2. General Information
  3. Partnership Agreement - Short Form
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.












Partnership Agreement  Short Form










This Packet Includes:
   1. Instructions & Checklist
   2. General Information
   3. Partnership Agreement  Short Form





Instructions & Checklist
Partnership Agreement  Short Form

   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/her 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 and 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 consulting 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 forms is subject to the “Disclaimers and Terms of Use” found at findlegalforms.com.





General Information
Partnership Agreement  Short Form

A partnership agreement is a document that formalizes the partnership 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 termination 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 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 defined 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 a 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 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 partners contribution to the business, ii) how the 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 dictate 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 agreement); 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 ensure that it addresses the needs of your specific situation.





DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only an attorney can provide legal advice.  An attorney should be consulted for all serious legal matters.  No Attorney-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. 



Partnership Agreement


This Partnership Agreement (the “Agreement”) is made as of _______________, ___________, by and between _______________________________________ and _______________________________________ (each a “Partner,” collectively referred to as the “Partners”).

WHEREAS the parties wish to enter into a partnership with one another 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 follows:

1.  Name and Business:  The parties hereby form a partnership under the name of  ____________________________________________________________ (the “Partnership”).  The Partnerships business is to ______________________
________________________________________________________________
(provide short description) and to engage in any other business that the Partners may determine from time to time 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.  Capital 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 and 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.  Distributions:  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 shall 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 Partner 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 management 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 Partnerships business;
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 the 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 borrowing;
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 $_________________________;
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. Transfer 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 Partnership: The Partnership will terminate at any time upon unanimous agreement of the Partners or automatically upon the death, declared incompetent or bankruptcy of any of the Partners.

10.  Binding Effect:  The 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 Partners 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 provisions of this Agreement shall not be deemed a waiver or limitation of the Partners right to subsequently enforce and compel strict compliance with every provision of this 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 provision 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 be 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 the 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 Agreement 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 notice 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 as follows:

Partner Name:

Address:_________________________
________________________________
________________________________


Partner Name:

Address:_________________________
________________________________
________________________________


Partner Name:

Address:_________________________
________________________________
________________________________

Any Partner may change his/her address from time to time by providing notice as set forth above.

17.  Governing Law:  This Agreement shall be governed by and construed in accordance with the laws of the State of _______________________________.


IN WITNESS WHEREOF, the parties have caused this Agreement to be executed the day and year first above written.



PARTNER:

___________________________________________________
(Signature)
__________________________________
(Name  Please Print)



PARTNER:

___________________________________________________
(Signature)
__________________________________
(Name  Please Print)


PARTNER:

___________________________________________________
(Signature)
__________________________________
(Name  Please Print)




Number of Pages6
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#21885
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.












Partnership Agreement  Short Form










This Packet Includes:
   1. Instructions & Checklist
   2. General Information
   3. Partnership Agreement  Short Form





Instructions & Checklist
Partnership Agreement  Short Form

   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/her 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 and 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 consulting 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 forms is subject to the “Disclaimers and Terms of Use” found at findlegalforms.com.





General Information
Partnership Agreement  Short Form

A partnership agreement is a document that formalizes the partnership 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 termination 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 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 defined 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 a 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 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 partners contribution to the business, ii) how the 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 dictate 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 agreement); 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 ensure that it addresses the needs of your specific situation.





DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only an attorney can provide legal advice.  An attorney should be consulted for all serious legal matters.  No Attorney-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. 



Partnership Agreement


This Partnership Agreement (the “Agreement”) is made as of _______________, ___________, by and between _______________________________________ and _______________________________________ (each a “Partner,” collectively referred to as the “Partners”).

WHEREAS the parties wish to enter into a partnership with one another 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 follows:

1.  Name and Business:  The parties hereby form a partnership under the name of  ____________________________________________________________ (the “Partnership”).  The Partnerships business is to ______________________
________________________________________________________________
(provide short description) and to engage in any other business that the Partners may determine from time to time 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.  Capital 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 and 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.  Distributions:  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 shall 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 Partner 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 management 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 Partnerships business;
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 the 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 borrowing;
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 $_________________________;
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. Transfer 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 Partnership: The Partnership will terminate at any time upon unanimous agreement of the Partners or automatically upon the death, declared incompetent or bankruptcy of any of the Partners.

10.  Binding Effect:  The 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 Partners 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 provisions of this Agreement shall not be deemed a waiver or limitation of the Partners right to subsequently enforce and compel strict compliance with every provision of this 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 provision 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 be 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 the 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 Agreement 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 notice 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 as follows:

Partner Name:

Address:_________________________
________________________________
________________________________


Partner Name:

Address:_________________________
________________________________
________________________________


Partner Name:

Address:_________________________
________________________________
________________________________

Any Partner may change his/her address from time to time by providing notice as set forth above.

17.  Governing Law:  This Agreement shall be governed by and construed in accordance with the laws of the State of _______________________________.


IN WITNESS WHEREOF, the parties have caused this Agreement to be executed the day and year first above written.



PARTNER:

___________________________________________________
(Signature)
__________________________________
(Name  Please Print)



PARTNER:

___________________________________________________
(Signature)
__________________________________
(Name  Please Print)


PARTNER:

___________________________________________________
(Signature)
__________________________________
(Name  Please Print)




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