A partnership agreement is a written document of understanding between two persons. It may be between two or more individuals who form a business venture. Partnership agreements are important in case something happens to one partner or there are changes in the partnership. This way, everything that is being agreed upon and put in writing is legal and binding and any supervening circumstances won’t prevent nor change any of the agreements.
Sample Partnership Agreement Template
Sample Real Estate Partnership Agreement Template
Limited Partnership Agreement
Our Sample Agreements for partnerships are presented in such a way that the general nature and conditions are shown. They can be used as guides to users who may want to craft their own agreements based on the samples being presented. These are all available free for downloading on both Word Doc and PDF file formats.
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Domestic Partnership Agreement
A partnership agreement usually states the nature of the business and the amount of capital contributed by each partner. It also indicates each partner’s rights and responsibilities. Unlike a corporation however, a partnership doesn’t have a separate legal entity like an incorporated business and partners are legally bound to be liable for any debts in the business.
This may be particularly disadvantageous to any partner who withdraws from the partnership since he is still bound by any liability incurred during his stint in the business and any future debts thereafter, unless a proper notice of retirement is being made and published. He may also furnish a copy to every specific business clients and vendors.
The contract of a partnership agreement’s terms and conditions may indicate the following:
- terms of partnership;
- description of functions, tasks, duties, and responsibilities of each partner;
- percentage of ownership of each partner and distribution of profits and losses;
- terms to which the partnership could be terminated; and
- how each partner can buy a share of the partnership.
It may be advisable to consult an attorney to help draft with the agreement. Our samples are intended to guide each partner to become aware of any of the terms of the conditions that may need to be ironed out just in case an agreement may be deemed unfavorable to one of the partners.
Please check out the link on our website for more business agreements like General Partnership Agreements samples that you can download for free.
Limited Partnership Agreement
Strategic Partnership Agreement
Partnership Agreement in PDF
Sample Vendor Partnership Agreement
Partnership Purchase Agreement
General Partnership Agreement
As every lawyer will tell business partners, a partnership agreement is very important not only to prevent confusion and disagreements but to define the roles and responsibilities of each partner. One thorn on the side of a partnership is also on the issue of tax responsibilities. With the agreement in place, tax responsibilities are equally distributed between partners. Equally important is the profit of the business is also evenly distributed between partners.
There’s a common saying in business as well as in any agreement that involves the interests of one or more persons that says, “If it’s not in writing, it doesn’t exist.” When you’re dealing with money or property, even if you trust a person, you can never be too sure about their intentions eventually. People may change, but greed stays constant.
For more examples of the kinds of agreements our website offers, please check out Business Partnership Agreements. These will also help guide users on the kind of agreement they may find useful for reference purposes. These are all free for downloading in both Word Doc and PDF files.
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