free partnership agreement template word

the partners in this agreement are as follows: contributions will be submitted no later than [insert date]. all capital contributions are final unless all partners give written consent of withdrawal. the profits will be accounted for by [insert name] and distributed at the end of the month according to the above percentages after the costs of the partnership have been paid according to the above cost percentages. the name of the partnership may be amended if a new partner is added to the partnership upon the written and unanimous vote of all partners. should a partner withdraw from the partnership because of choice or death, the remaining partners will have the option to buy out the remaining shares of the partnership.







should the partners agree to buy out the shares, the shares will be bought in equal amounts by all partners. the partners will have [insert number] days to decide if they want to buy the remaining shares together and disperse them equally. if all partners do not agree to buy the shares, individual partners will then have the right to buy the shares individually. the name of the partnership may be amended upon the written and unanimous vote of all partners if a partner is successfully bought out. should the partnership be dissolved by unanimous vote, the partnership will be liquidated, and the debts will be paid.

10. any advance of money to the partnership by any partner in excess of the amounts provided for in this agreement or subsequently agreed to as additional capital contribution will be deemed a debt owed by the partnership and not an increase in capital contribution of the partner. partnership funds will be held in the name of the partnership and will not be commingled with those of any other person or entity. any new partner will receive such business interest in the partnership as determined by a unanimous decision of the other partners. any excess of partnership assets after liabilities or any insufficiency in partnership assets in resolving liabilities under this section will be shared by the partners according to the dissolution distribution described above.

failure to comply with any of the terms of this clause will be deemed an involuntary withdrawal of the offending partner and may be treated accordingly by the remaining partners. 55. a partner will not be liable to the partnership, or to any other partner, for any mistake or error in judgment or for any act or omission done in good faith and believed to be within the scope of authority conferred or implied by this agreement or the partnership. statements or representations which may have been made by any party to this agreement in the negotiation stages of this agreement may in some way be inconsistent with this final written agreement. 69. all of the rights, remedies and benefits provided by this agreement will be cumulative and will not be exclusive of any other such rights, remedies and benefits allowed by law.

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