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General Partnership Agreement
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GENERAL PARTNERSHIP AGREEMENT
This General Partnership Agreement ("Agreement") is entered into as of [EFFECTIVE DATE], by and between:
[PARTNER 1], residing at [PARTNER 1 ADDRESS] ("Partner 1"); and
[PARTNER 2], residing at [PARTNER 2 ADDRESS] ("Partner 2");
(collectively "Partners")
1. FORMATION
The Partners hereby form a General Partnership ("Partnership") under the laws of the State of [GOVERNING STATE] under the name "[PARTNERSHIP NAME]."
2. PURPOSE
The purpose of the Partnership is to engage in [BUSINESS PURPOSE] and any other lawful business activities as the Partners may agree.
3. PRINCIPAL OFFICE
The principal office of the Partnership shall be located at [PRINCIPAL OFFICE].
4. CAPITAL CONTRIBUTIONS
Each Partner shall contribute the following initial capital to the Partnership:
- [PARTNER 1]: [PARTNER 1 CONTRIBUTION]
- [PARTNER 2]: [PARTNER 2 CONTRIBUTION]
Additional capital contributions may be required upon unanimous consent of the Partners.
5. PROFIT AND LOSS ALLOCATION
Profits and losses of the Partnership shall be allocated as follows:
- [PARTNER 1]: [PARTNER 1 SHARE]%
- [PARTNER 2]: [PARTNER 2 SHARE]%
6. MANAGEMENT
[MANAGEMENT]. Each Partner has authority to bind the Partnership in ordinary business matters. Major decisions (defined as commitments over $10,000, entering new lines of business, or admitting new Partners) require unanimous consent of all Partners.
7. DISTRIBUTIONS
Distributions of cash or other assets shall be made at such times and in such amounts as the Partners unanimously agree, in proportion to each Partner's profit-sharing percentage.
8. BOOKS AND RECORDS
The Partnership shall maintain complete and accurate books of account. Each Partner shall have full access to all Partnership books and records.
9. WITHDRAWAL AND DISSOLUTION
A Partner may withdraw upon 90 days written notice to the other Partners. Withdrawal does not dissolve the Partnership unless the remaining Partners elect to dissolve. The withdrawing Partner's interest shall be valued and paid out as agreed by the Partners or as determined by a mutually agreed independent appraiser.
10. DISSOLUTION
The Partnership shall be dissolved upon: (a) unanimous written agreement of all Partners; (b) the death, incapacity, or bankruptcy of a Partner if remaining Partners elect not to continue; or (c) as required by law.
11. GOVERNING LAW
This Agreement shall be governed by the laws of the State of [GOVERNING STATE].
PARTNER 1:
Signature: _______________________________
Name: [PARTNER 1]
Date: [EFFECTIVE DATE]
PARTNER 2:
Signature: _______________________________
Name: [PARTNER 2]
Date: [EFFECTIVE DATE]
This General Partnership Agreement ("Agreement") is entered into as of [EFFECTIVE DATE], by and between:
[PARTNER 1], residing at [PARTNER 1 ADDRESS] ("Partner 1"); and
[PARTNER 2], residing at [PARTNER 2 ADDRESS] ("Partner 2");
(collectively "Partners")
1. FORMATION
The Partners hereby form a General Partnership ("Partnership") under the laws of the State of [GOVERNING STATE] under the name "[PARTNERSHIP NAME]."
2. PURPOSE
The purpose of the Partnership is to engage in [BUSINESS PURPOSE] and any other lawful business activities as the Partners may agree.
3. PRINCIPAL OFFICE
The principal office of the Partnership shall be located at [PRINCIPAL OFFICE].
4. CAPITAL CONTRIBUTIONS
Each Partner shall contribute the following initial capital to the Partnership:
- [PARTNER 1]: [PARTNER 1 CONTRIBUTION]
- [PARTNER 2]: [PARTNER 2 CONTRIBUTION]
Additional capital contributions may be required upon unanimous consent of the Partners.
5. PROFIT AND LOSS ALLOCATION
Profits and losses of the Partnership shall be allocated as follows:
- [PARTNER 1]: [PARTNER 1 SHARE]%
- [PARTNER 2]: [PARTNER 2 SHARE]%
6. MANAGEMENT
[MANAGEMENT]. Each Partner has authority to bind the Partnership in ordinary business matters. Major decisions (defined as commitments over $10,000, entering new lines of business, or admitting new Partners) require unanimous consent of all Partners.
7. DISTRIBUTIONS
Distributions of cash or other assets shall be made at such times and in such amounts as the Partners unanimously agree, in proportion to each Partner's profit-sharing percentage.
8. BOOKS AND RECORDS
The Partnership shall maintain complete and accurate books of account. Each Partner shall have full access to all Partnership books and records.
9. WITHDRAWAL AND DISSOLUTION
A Partner may withdraw upon 90 days written notice to the other Partners. Withdrawal does not dissolve the Partnership unless the remaining Partners elect to dissolve. The withdrawing Partner's interest shall be valued and paid out as agreed by the Partners or as determined by a mutually agreed independent appraiser.
10. DISSOLUTION
The Partnership shall be dissolved upon: (a) unanimous written agreement of all Partners; (b) the death, incapacity, or bankruptcy of a Partner if remaining Partners elect not to continue; or (c) as required by law.
11. GOVERNING LAW
This Agreement shall be governed by the laws of the State of [GOVERNING STATE].
PARTNER 1:
Signature: _______________________________
Name: [PARTNER 1]
Date: [EFFECTIVE DATE]
PARTNER 2:
Signature: _______________________________
Name: [PARTNER 2]
Date: [EFFECTIVE DATE]