A business partnership agreement is a written document of understanding between two or more persons who form a business venture. A partnership agreement defines each person’s rights and responsibilities. It’s an important document in case something happens to one partner or when there are changes in the partnership. Everything on the agreement 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.
Our Sample Agreements for partnerships are presented in the simplest way possible. These examples 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.
Simple Small Business Partnership Agreement
Simple Business Partnership Agreement in PDF
Simple Business Partnership Agreement Form
Simple General Business Partnership Agreement
A business partnership agreement usually states the name and nature of the business and the amount of capital contributed by each partner. This may come with agreed upon share when it’s necessary to indicate it. It also indicates each partner’s rights and responsibilities and terms and conditions in cases of dissolution. Some of the limitations of a partnership, however, means it doesn’t have a separate legal entity like an incorporated business. Each partner is also legally bound to be liable for any debts in the business. This may pose a particular risk to any partner who withdraws from the partnership since he is still legally bound by any liability incurred in the business and any future debts thereafter. One way to prevent this dilemma is for the business to issue a proper notice of retirement and have it published. A copy of said retirement should also be furnished to every specific business clients and vendors.
A simple business partnership agreement may indicate the following:
- name of business/partner/partnership;
- nature/type of business;
- overview and terms of partnership;
- percentage of ownership of each partner, agreed-upon capital contribution and distribution of shares, profits, and losses;
- description of the functions, tasks, duties, and responsibilities of each partner;
- terms on how each partner can buy a share of the partnership;
- partnership goals and future projects; and
- terms with which the partnership can be terminated.
Most partnerships seek the help of an attorney to help draft the agreement before starting their businesses. Our samples are intended to help each partner become aware of the terms and conditions that may need to be sorted out in case an agreement may be deemed unfavorable to any one of the partners.
Please check out the link on our website for more business agreements like Business Development Agreements samples that you can download for free.
Simple Business Limited Partnership Agreement
Simple Business Partnership Dissolution Agreement
Simple Business Partnership Agreement Sample
In case of a misunderstanding, dispute, or change of business climate, a dissolution of partnership may be necessary to release any one of the parties from their duties. A dissolution of partnership may be automatic under the terms of the governing agreement if any one of the partners becomes bankrupt, retires, or unexpectedly dies. Including such terms in the agreement will give peace of mind to all the parties and free anyone of their remaining obligations and concluding the arrangement in an amicable situation.
For more business agreements, please check out our Business Purchase Agreements. These samples have the general nature of agreements necessary for any of the purposes they’re intended for, and these are all free for downloading and modification.
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