LEGALDOCS - Short Form Partnership Agreement
*Legaldocs is not practicing law, and Legaldocs is not your attorney.
By proceeding further you acknowledge you have READ THIS
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:
The Partnership's main place of doing business is:
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:
INFORMATION REGARDING PARTNERS' CAPITAL CONTRIBUTIONS AND OWNERSHIP INTERESTSCapital Contribution of each Partner.
Enter each Partner's Capital Contribution, if any.
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).
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:
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.
DEATH OF A PARTNERWhen 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
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.