Partnership Agreement - Short
THIS AGREEMENT OF PARTNERSHIP
is made this ______ day of _____, 200__, by and between the undersigned whose names and addresses are set forth below for the purpose of forming a partnership.
NOW THEREFORE THE PARTIES AGREE AS FOLLOWS:
1. Name: The name of the partnership shall be:
2. Address: The original place of business shall be at:
3. Nature of Business: The partnership shall engage in the business of
and such other related activities as shall be agreed upon by the partners.
4. Duration: The partnership shall continue until terminated by mutual consent or dissolution by operation of law.
5. Capital: The initial capital and ownership interest of the partnership shall be allocated as follows:
Partner Amount Invested Ownership Interest (%)
_____________ _____________ ________________
_____________ _____________ ________________
The partners shall contribute in proportionate shares any additional capital they may deem necessary for the operation of the business.
6. Loans By Partners: If any partner shall, with the written consent of the other partners, advance any monies to the partnership in excess of the capital contributed as set forth above, the amount of the monies so advanced shall be considered as a loan to the partnership and shall bear interest at a rate equal to the prime commercial lending rate of the Bank used by the partnership until repaid.
7. Profit and Losses: The net profits and losses of the partnership shall be apportioned amongst the partners in accordance with their proportionate ownership interest.
8. Management: The partners shall have equal rights in the management of the partnership business.
9. Duties: Each partner shall devote his full time and best efforts on behalf of the partnership business.
10. Salaries: The salaries for each partner shall be by agreement with the remaining partner(s).
11. Books of Account: The partnership shall maintain adequate accounting records on a cash basis of accounting, and open to inspection by each partner. The fiscal year shall end on ___________ of each year and the first fiscal period shall end on ___________, 200__
12. Banking: All partnership funds shall be deposited with such banks as may be designated by the partners. Cheques and withdrawals shall be issued only for the partnership purposes and shall be signed by any two partners.
13. Authority: No parties shall, without the consent of the other partners:
a) Borrow money in the firm name for any purposes or utilise collateral owned by the partnership as security for any loans.
b) Assign, transfer, pledge, compromise or release any debts or obligations due to the partnership, except upon payment in full.
c) Enter into any contract, agreement, obligation or undertaking of the partnership except within the ordinary course of business.
d) Make, execute, initiate or deliver any insolvency proceeding, confession of judgement, deed, guarantee, lease, bond, or contract to sell all or substantially all the property of the partnership.
e) Pledge, hypothecate or in any manner transfer his interest in the partnership.
14. Termination: This partnership shall be terminated by the death or material incapacity of any partner, mutual agreement, or upon the written request for termination made by any one partner. Upon termination by reason of death, incapacity or request, the remaining partners shall have the right to continue the business of the partnership on their own behalf or together with new or additional partners, provided they pay the terminated partner the fair market value of his partnership interest (as determined by the accountant for the partnership) together with suitable indemnification for all of their existing partnership obligations.
15. Arbitration: Any dispute or controversy herein shall be settled by arbitration in accordance with the Arbitration Act.
DATED THIS _________ DAY OF ____________, 200__.
In witness whereof the parties have signed this Agreement.
This Section For Notary
On _____________________________________, before me,
________________________________________, Notary Public,
personally appeared ___________________________ personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorised capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature of Notary
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