LEGALDOCS.com
Create and access Legal Documents online
Legal Documents Online Are you in need of a common legal document, like a contract to sell your car, a will, or an employment agreement, or need some information regarding your legal problem or issue?

LegalDocs.com is your answer, simply select the type of document you need and complete the easy step by step process and you will have your document in minutes.

LEGALDOCS - Short Form Partnership Agreement Questionnaire


*Legaldocs is not practicing law, and Legaldocs is not your attorney.
By proceeding further you acknowledge you have READ THIS DISCLAIMER.

This is an example of a completed Short Form Partnership Agreement.


THERE IS A CHARGE OF $24.50 TO OBTAIN AND PRINT THIS DOCUMENT. You can proceed with the Questionnaire, and obtain a Short Form Partnership Agreement free of charge, but to obtain the final, completed document, ready for viewing and instant printing (or Save-to-File), you will be asked to submit credit card information and will be billed $24.50. However, please feel free to complete or review this Questionnaire and the Summary which will be produced. It is educational and will provide some insight regarding which areas, minimally, should be covered, and will let you see if the subject matters important to you are covered in the Short Form Partnership Agreement

Once you pay for the document, you can return to this site and access and modify the completed document for 24 hours as long as you use the same computer. The completed document is available in MSWord format, so you can print and/or save it to your hard drive. You can then modify the document on your system in MSWord, or (during the initial 24 hour period) modify the document by clicking on the document link in legaldocs.com. You can also copy/paste the document into any other word processor and print or make changes as you desire.


This form allows you to prepare a Partnership Agreement between up to six persons. If there are less than six partners, skip the blanks that do not apply. If you have more than six partners, we suggest you obtain counsel to draft an agreement specific to your situation.

To create a Short Form Partnership Agreement, complete this form.

INFORMATION REGARDING THE PARTIES, ADDRESS AND TERM

Enter the following information about persons entering into the Partnership Agreement.
The full name of each partner is:

First Partner:

Second Partner:

Third Partner:

Fourth Partner:

Fifth Partner:

Sixth Partner:

The Partnership's main place of doing business is:

Street address:

City:

State:
Zip code:

Enter the name of the Partnership:

Enter the general type of business the Partnership will be doing. (don't capitalize, and don't use a period at the end of the sentence)
FINISH THIS SENTENCE: The Partnership is engaged in the business of:
[For example, "operating a restaurant located at..."(OR) "providing accounting services" (OR)"owning and operating commercial properties" (OR)"refurbishing and selling cars"]

Enter the date the partnership first started to, or is expected to start doing business:

Choose the date the partnership will or is expected to end. The Partnership shall continue until:

    The Partners decide to terminate the Partnership affairs.
    The Partnership has been sold or otherwise disposed of.
    (Enter a date) .
    (Enter your own language when the Partnership will end)

INFORMATION REGARDING PARTNERS' CAPITAL CONTRIBUTIONS AND OWNERSHIP INTERESTS

Capital Contribution of each Partner. Enter each Partner's Capital Contribution, if any.
  • The First Partner's capital contribution is $, consisting of:

    Cash to the partnership

    Labor or services to the partnership

    Other assets contributed to the partnership

    Describe the contribution if the above choices do not apply:

  • The Second Partner's capital contribution is $, consisting of:

    Cash to the partnership

    Labor or services to the partnership

    Other assets contributed to the partnership

    Describe the contribution if the above choices do not apply:

  • The Third Partner's capital contribution is $, consisting of:

    Cash to the partnership

    Labor or services to the partnership

    Other assets contributed to the partnership

    Describe the contribution if the above choices do not apply:

  • The Fourth Partner's capital contribution is $, consisting of:

    Cash to the partnership

    Labor or services to the partnership

    Other assets contributed to the partnership

    Describe the contribution if the above choices do not apply:

  • The Fifth Partner's capital contribution is $, consisting of:

    Cash to the partnership

    Labor or services to the partnership

    Other assets contributed to the partnership

    Describe the contribution if the above choices do not apply:

  • The Sixth Partner's capital contribution is $, consisting of:

    Cash to the partnership

    Labor or services to the partnership

    Other assets contributed to the partnership

    Describe the contribution if the above choices do not apply:

Division of Profits and Losses: Enter each Partners' share in the division of profits and losses. (Make sure that the first partner in this section is the same as the first partner named above, that the second partner is the same as the second partner named above, etcetera).
    PARTNER:
    SHARE OF PARTNER:
    First Partner: percent of the total
    Second Partner: percent of the total.
    Third Partner: percent of the total.
    Fourth Partner: percent of the total.
    Fifth Partner: percent of the total.
    Sixth Partner: percent of the total.

OTHER FINANCIAL AND MANAGERIAL MATTERS

The following sections allow the Partnership agreement to specify certain conditions and obligations of the Partners. If any responses are "checked", i.e., pre-selected, then the checked responses are those predominantly chosen by most partnerships.

Devoting full time and effort to Partnership Affairs. Depending on the nature of the Partnership, the Partners can decide if all, some or none of the Partners have to devote full time and effort for the Partnership. Choose one of the following:

    All Partners are required to devote their full time, effort and attention to the Partnership.
    None of the Partners are required to devote their full time, effort and attention to the Partnership.
    The Partner or Partners which are required to devote their full time, effort and attention to the Partnership are , and the Partner or Partners not named are not required to devote their full time, effort and attention to the Partnership.

Naming the Managing Partner. All partnerships should name at least one Partner as managing partner. Usually, the Partner(s) devoting their full time and effort are the day to day managing partners, and exercise day to day management control. Day to day affairs means those decisions encountered in the Partnership's ordinary course of business, as opposed to, for example, leasing a store front or buying a building.

Those Partners not named as managing partners still retain their voting interest over long-term and strategic decisions in same proportion as their profit and loss distribution.
The Managing Partner or Partners of the Partnership are:

All Partners equally.

The following Partner or Partners:

.

RIGHT OF FIRST REFUSAL In most partnership agreements, if a partner want to sell his or her interest, the other partners usually are given a chance to buy the selling partner's interest for the same price and terms as the selling partner would sell to an outside person (a right of first refusal). This gives the remaining partners the chance to keep control of the partnership, while at the same time making it possible for the partner who wants to sell to be able to do so if the remaining partners are unable or unwilling to match the offer.

    Will the remaining Partners have a right of first refusal to purchase a selling Partner's shares?
    Yes, the non-selling Partners have a right of first refusal to purchase the selling Partner's interest.
    No, the non-selling Partners do not have a right of first refusal to purchase the selling Partner's interest.

DEATH OF A PARTNER

When Partners start a business, they want to conduct a business with themselves, and normally not with any Partner's spouse or children. Thus, partnership agreements often have provisions for a mandatory sale of a Partner's interest, plus a valuation formula to give a value to such interest, should a Partner die. This (i) assures the remaining Partner or Partners that they will own the business, and (ii) assures the deceased Partner his or her share will be liquidated for benefit of his or her family.

Upon the death of any Partner, the deceased Partner's share:

shall PASS TO THE HEIRS of the deceased Partner. (no mandatory purchase)

MUST BE PURCHASED by, and sold to, the Partnership.

If you chose MUST BE PURCHASED, complete the next set of questions

    The purchase price will be agreed on annually by the Partners.(OR)

    The purchase price will be established by appraisal after death.

    -------------------------------------------------------------------

    The Price must be paid IN FULL no later than months after death. (OR)

    The Price must be paid as follows:

    - Enter the percent of the total price to be paid as a downpayment: %

    - Enter how many months after death the downpayment must be paid:

    - Enter the number of years the balance has to be paid off:

    - Enter the interest rate to be paid on the unpaid balance: %


This completes the information input for your Short Form Partnership Agreement. When you Send this Form, this program will prepare a Summary of the Short Form Partnership Agreement for your review. Make sure that all facts stated in the Summary are correct in all respects.


 


[Back to Legaldocs Home Page]
Legaldocs, Legaldocs.com, Lawdocs, and Lawdocs.com are trademarks of Amicus National, Inc.
Copyright 1996 - 2017, Amicus National, Inc. All rights reserved.
All copyrights to all pages in Legaldocs reserved.