[{"data":1,"prerenderedAt":449},["ShallowReactive",2],{"document-partnership-agreement-short-form-D900":3},{"document":4,"label":21,"preview":11,"thumb":22,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":23,"breadcrumb":27,"related":33,"customDescModule":170,"customdescription":6,"mdFm":171,"mdProseHtml":448},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":15,"keywords":20},"PARTNERSHIP AGREEMENT This Partnership Agreement (the \"Agreement\") is made and effective this [Date], BETWEEN: [YOUR COMPANY NAME] (the \"First Partner\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTNER NAME] (the \"Second Partner\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] RECITALS Partners desire to join together for the pursuit of common business goals. Partners have considered various forms of joint business enterprises for their business activities. Partners desire to enter into a partnership agreement as the most advantageous business form for their mutual purposes. In consideration of the mutual promises contained in this agreement, partners agree as follows: NAME, PURPOSE, AND DOMICILE The name of the partnership shall be [name]. The partnership shall be conducted for the purposes of [specify]. The principal place of business shall be at [address], [city], [state/province], unless relocated by majority consent of the partners. DURATION OF AGREEMENT The term of this agreement shall be for [number] years, commencing on [date], and terminating on [date], unless sooner terminated by mutual consent of the parties or by operation of the provisions of this agreement. CLASSIFICATION AND PERFORMANCE BY PARTNERS Partners shall be classified as active partners, advisory partners, or estate partners. An active partner may voluntarily become an advisory partner, may be required to become one irrespective of age, and shall automatically become one after attaining the age of [age] years, and in each case shall continue as such for [number] years unless the partner sooner withdraws or dies. If an active partner dies, the partner's estate will become an estate partner for [number] years. If an advisory partner dies within [Number] years of having become an advisory partner, the partner will become an estate partner for the balance of the [number]-year period. Only active partners shall have any vote in any partnership matter. At the time of the taking effect of this partnership agreement, all the partners shall be active partners except [name] and [name], who shall be advisory partners. An active partner, after attaining the age of [age] years, or prior to that age if the [executive committee or as the case may be] with the approval of [two-thirds or as the case may be] of all the other active partners determines that the reason for the change in status is bad health, may become an advisory partner at the end of any calendar month on giving [number] calendar months' prior notice in writing of the partner's intention to do so. The notice shall be deemed to be sufficient if sent by registered mail addressed to the partnership at its principal office at [address], [city], [state/province] not less than [number] calendar months prior to the date when the change is to become effective. Any active partner may at any age be required to become an advisory partner at any time if the [executive committee or as the case may be] with the approval of [two-thirds or as the case may be] of the other active partners shall decide that the change is for any reason in the best interests of the partnership, provided notice of the decision shall be given in writing to the partner. The notice shall be signed by the [chairman or as the case may be] of the [executive committee or as the case may be] or, in the event of his or her being unable to sign at the time, by another member of the [executive committee or as the case may be]. The notice shall be served personally on the partner required to change his or her status or mailed by registered mail to the partner's last known address. Change of the partner's status shall become effective as of the date specified in the notice. Every active partner shall automatically and without further act become an advisory partner at the end of the fiscal year in which the partner's birthday occurs. In the event that an active partner becomes an advisory partner or dies, the partner or the partner's estate shall be entitled to the following payments at the following times: [describe] Each active partner shall apply all of the partner's experience, training, and ability in discharging the partner's assigned functions in the partnership and in the performance of all work that may be necessary or advantageous to further the business interests of the partnership. CONTRIBUTION Each partner shall contribute [amount] on or before [date] to be used by the partnership to establish its capital position. Any additional contribution required of partners shall only be determined and established in accordance with Article Nineteen. BUSINESS EXPENSES The rent of the buildings where the partnership business shall be carried on, and the cost of repairs and alterations, all rates, taxes, payments for insurance, and other expenses in respect to the buildings used by the partnership, and the wages for all persons employed by the partnership are all to become payable on the account of the partnership. All losses incurred shall be paid out of the capital of the partnership or the profits arising from the partnership business, or, if both shall be deficient, by the partners on a pro rata basis, in proportion to their original contributions, as provided in Article Nineteen. AUTHORITY No partner shall buy any goods or articles or enter into any contract exceeding the value of [amount] without the prior consent in writing of the other partners. If any partner exceeds this authority, the other partners shall have the option to take the goods or accept the contract on account of the partnership or to let the goods remain the sole property of the partner who shall have obligated himself or herself. SEPARATE DEBTS No partner shall enter into any bond, or become surety or cosigner, or provide security for any person, partnership, or corporation, or knowingly condone anything by which the partnership property may be attached or taken in execution, without the prior written consent of the other partners. Each partner shall punctually pay the partner's separate debts and indemnify the other partners and the capital and property of the partnership against the partner's separate debts and all expenses relating to such separate debts. 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The Members have formed the Company by causing a Certificate of Formation (the \"Certificate\") conforming to the requirements of the [STATE] Revised Limited Liability Company Act (the \"Act\") to be filed in the Office of the Secretary of State for the State of [STATE]. NAME, PURPOSE AND PRINCIPAL OFFICE OF COMPANY Name The name of the Company is [COMPANY NAME], LLC. The affairs of the Company shall be conducted under such name or such other name as the Managing Members may, in their discretion, determine. [COMPANY NAME] hereby grants the Company the right, at no cost, to use the [SPECIFY] name for the term of the Company as set forth in Article [SPECIFY] hereof. Agreement In consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Members executing this Agreement hereby agree to the terms and conditions of this Agreement, as it may be amended from time to time. It is the express intention of the Members that this Agreement shall be the sole statement of agreement among them, and, except to the extent a provision of this Agreement expressly incorporates matters by express reference, this Agreement shall govern even when inconsistent with or different from the provisions of the Act or any other provision of law. Purpose; Powers Purpose. The primary purpose of the Company is to act as the general partner of [COMPANY NAME] (the \"Fund\"). Powers. Subject to all of the terms and provisions hereof, the Company shall have all powers necessary, suitable or convenient for the accomplishment of the purpose of the Company, including, without limitation, the following: to purchase, sell, invest and trade in securities of every kind, including, without limitation, capital stock, limited partnership interests, bonds, notes, debentures, securities convertible into other securities, trust receipts and other obligations, instruments or evidences of indebtedness, as well as in rights, warrants and options to purchase securities; to make and perform all contracts and engage in all activities and transactions necessary or advisable to [SPECIFY] out the purposes of the Company, including, without limitation, the purchase, sale, transfer, pledge and exercise of all rights, privileges and incidents of ownership or possession with respect to any Company asset or liability; the borrowing or lending of money and the securing of payment of any Company obligation by hypothecation or pledge of, or grant of a security interest in, Company assets; and the guarantee of or becoming surety for the debts of others; and otherwise to have all the powers available to it as a limited liability company under the Act. Registered Office and Agent The initial address of the Company registered office in [STATE] is, and its initial agent at such address for service of process is Incorporating Services Limited. The Managing Members may change the registered office and agent for service of process as they from time to time may determine. Principal Office The principal office of the Company shall initially be located at [ADDRESS]. The Managing Members may change the location of the principal office of the Company at any time. Definitions Additional Members. This term shall have the meaning ascribed to it in Paragraph 3.2. Affiliate. With reference to any person, any other person controlling, controlled by or under direct or indirect common control with such person. Agreement. This Operating Agreement of [COMPANY NAME], a [STATE] limited liability company. Assignee. This term shall have the meaning ascribed to it in Paragraph [NUMBER]. Bankruptcy. A person or entity shall be deemed bankrupt if: any proceeding is commenced against such person or entity as debtor for any relief under bankruptcy or insolvency laws, or laws relating to the relief of debtors, reorganizations, arrangements, compositions or extensions and such proceeding is not dismissed within [NUMBER] days after such proceeding has commenced, or such person or entity commences any proceeding for relief under bankruptcy or insolvency laws or laws relating to the relief of debtors, reorganizations, arrangements, compositions or extensions. Book Value. This term shall have the meaning ascribed to it in Paragraph 6.2(a). Capital Account. This term shall have the meaning ascribed to it in Paragraph 6.2(b). Capital Commitment. This term shall have the meaning ascribed to it in Paragraph 5.1. Capital Contribution. This term shall have the meaning ascribed to it in Paragraph 5.1(b). [SPECIFY]. The Company [PERCENTAGE] carried interest in the income of the Fund. Certificate. The Certificate of Formation of [COMPANY NAME], a [STATE] limited liability company. Code. [SPECIFY YOUR COUNTRY INTERNAL REVENUE ACT/CODE/LAW], as amended from time to time (and any corresponding provisions of succeeding law). Defaulting Member. This term shall have the meaning ascribed to it in Paragraph 5.4(a). Fiscal Quarter. This term shall have the meaning ascribed to it in Paragraph 6.2(c). Fiscal Year. This term shall have the meaning ascribed to it in Paragraph 6.2(d). Management Fee. The management fee receivable by the Company from the Fund. Net Income or Net Loss. This term shall have the meaning ascribed to it in Paragraph 6.2(e). Percentage Interest. This term shall have the meaning ascribed to it in Paragraph [NUMBER]. Sale or Exchange. This term shall have the meaning ascribed to it in Paragraph [NUMBER]. Securities Act. [YOUR COUNTRY ACT/CODE/LAW] as amended from time to time. Securities. Securities of every kind and nature and rights and options with respect thereto, including stock, notes, bonds, debentures, evidences of indebtedness and other business interests of every type, including interests in partnerships, joint ventures, proprietorships and other business entities. TMP. This term shall have the meaning ascribed to it in Paragraph 13.16. Termination Date. This term shall have the meaning ascribed to it in Paragraph 2.1. Treasury Regulations. The Income Regulations promulgated under the Code, as such Regulations may be amended from time to time (including corresponding provisions of succeeding Regulations). TERM AND TERMINATION OF THE COMPANY Term The term of the Company shall continue until [NUMBER] year after the dissolution of the Fund unless sooner terminated as provided in Paragraph 2.2 or by operation of law or extended as provided in Paragraph 2.3. The last day of the term of the Company, as such may be extended as provided herein, is referred to herein as the \"Termination Date.\" Termination The Company shall terminate prior to the end of the period specified in Paragraph 2.1 at the election of the Managing Members. The Managing Members shall deliver notice of such termination to the Non-Managing Members. Extension of Term The term of the Company may be extended by the Managing Members. The Managing Members shall provide notice of any such extension to the Non-Managing Members. INITIAL MEMBERS; CHANGES IN MEMBERSHIP Name and Address The persons listed on Exhibit A are hereby admitted as Members of the Company","LLC Operating Agreement","21",207,"https://templates.business-in-a-box.com/imgs/1000px/llc-operating-agreement-D5209.png","https://templates.business-in-a-box.com/imgs/250px/5209.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#5209.xml",{"title":6,"description":6},[92,94],{"label":17,"url":93},"business-legal-agreements",{"label":95,"url":96},"Incorporation Agreements","incorporation-agreement","llc operating agreement","/template/llc-operating-agreement-D5209",{"description":100,"descriptionCustom":6,"label":101,"pages":102,"size":103,"extension":10,"preview":104,"thumb":105,"svgFrame":106,"seoMetadata":107,"parents":108,"keywords":111,"url":112},"JOINT VENTURE AGREEMENT This Joint Venture Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"First Joint Venturer\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SECOND JOINT VENTURER NAME] (the \"Second Joint Venturer\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] This Agreement is entered by First Joint Venturer and Second Joint Venturer, herein after collectively referred to as the \"Joint Venturers\", for the purpose of performing: [DESCRIBE JOINT VENTURE]. WITNESSETH: WHEREAS, the parties are desirous of forming a Joint Venture (the \"Venture\"), under the laws of the [State/Province] of [STATE/PROVINCE] by execution of this Agreement for the purposes set forth herein and are desirous of fixing and defining between themselves their respective responsibilities, interests, and liabilities in connection with the performance of the before mentioned project; and NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the Parties herein agree to constitute themselves as Joint Venturers, henceforth, \"Venturers\" for the purposes before mentioned, and intending to be legally bound hereby, the parties hereto, after first being duly sworn, do covenant, agree and certify as follows: DEFINITIONS \"Affiliate\" shall refer to (i) any person directly or indirectly controlling, controlled by or under common control with another person, (ii) any person owning or controlling 10% or more of the outstanding voting securities of such other person, (iii) any officer, director or other partner of such person and (iv) if such other person is an officer, director, joint Venturer or partner, any business or entity for which such person acts in any such capacity. \"Venturers\" shall refer to [VENTURE NAME] Inc., and any successor(s) as may be designated and admitted to the Venture. \"Internal Revenue Code\", \"Code\" or \"I.R.C.\" shall refer to the current and applicable Internal Revenue Code. \"Net Profits and Net Losses\" means the taxable income and loss of the Venture, except as follows: [DESCRIBE] The \"Book\" value of an asset shall be substituted for its adjusted tax basis if the two differ, but otherwise Net Profits and Net Losses shall be determined in accordance with federal income tax principles. \"Project\" shall refer to that certain [DESCRIBE] project known as [NAME]. \"Treasury Regulations\" shall refer to those regulations promulgated by the Department of the Treasury with respect to certain provision of Internal Revenue Code. \"Percentage of Participation\" shall refer to that figure set forth in Exhibit A. FORMATION, NAME, AND PRINCIPLE PLACE OF BUSINESS Formation (a) The Venturers do hereby form a joint venture pursuant to the laws of the State of [STATE/PROVINCE] in order for the Venture to carry on the purposes for which provision is made herein. (b) The Ventures shall execute such certificates as may be required by the laws of the [State/Province] of [STATE/PROVINCE] or of any other state in order for the Venture to operate its business and shall do all other acts and things requisite for the continuation of the Venture as a joint venture pursuant to applicable law. Name The Name and style under which the Venture shall be conducted is: [DESCRIBE]. Principal place of business The Venture shall maintain its principal place of business at [FULL ADDRESS]. The Venture may re-locate its office from time to time or have additional offices as the Venturers may determine. PURPOSE OF THE JOINT VENTURE The business of the Venture shall be to perform: [DESCRIBE], a project having the Contract # , being entitled, and being in a dollar amount of [AMOUNT], in accordance with the contract documents for the Project and all such other business incidental to the general purposes herein set forth. TERM The term of the Venture shall commence as of the date hereof and shall be terminated and dissolved upon the earliest to occur of: (i) completion of the Project and receipt of all sums due the Venture by the Owner, [OWNER NAME] pursuant thereto and payment of all laborers and material men employed by the Venture in connection with the project; (ii) [DATE]; (iii) the unanimous agreement of the Ventures; or (iv) the order of a court of competent jurisdiction. PERCENTAGE OF PARTICIPATION Description Except as otherwise provided in sections 6.0 and 9.0 hereof, the interest of the Parties in any gross profits and their respective shares in any losses and/or liabilities that may result from the filing of a joint bid and/or the performance of the Construction Contract, and their interests in all property and equipment acquired and all money received in connection with the performance of the Contract shall be as follows: [Name Joint Venture Partner Percentage] Losses The Parties agree that in the event any losses arise out of or results from the performance of the Project, each Venturer shall assume and pay the share of the losses that is equal to the percentage of participation. Liabilities If for any reason, a Venturer sustains any liabilities or is required to pay any losses arising out of or directly connected with the Project, or the execution of any surety bonds or indemnity agreements in connection therewith, which are in excess of its Percentage of Participation, in the Joint Venture, the other Venturer shall promptly reimburse such Venturer this excess, so that each and every member of the Joint Venturer will then have paid its proportionate share of such losses to the full extent of its Percentage of Participation. Indemnities The Venturers agree to indemnify each other and to hold the other harmless from, any and all losses of the Joint Venture that are in excess of such other Venturer's Percentage of Participation. Provided that the provisions of this subsection shall be limited to losses that are directly connected with or arise out of the performance of the Project and/or the execution of any bonds or indemnity agreements in connection therewith and shall not be relate to or include any incidental, indirect or consequential losses that may be sustained or suffered by a Party. Duration The Parties shall from time to time execute such bonds and indemnity agreements, including applications there and other documents that may be necessary in connection with the performance of the Project. Provided however, that the liability of each of the Parties under any agreements to indemnify a surety company or surety companies shall be limited to the percentage of the total liability assumed by all the Parties under such indemnity agreements that is equal to the Party's Percentage of Participation. Initial contribution of the venture (a) The Venturers shall contribute the Property to the Venture and their Capital Account shall each be credited with the appropriate value of such contribution in accordance with their Venture interests. (b) Except as otherwise required by law or this Agreement, the Venturers shall not be required to make any further capital contributions to the Venture. Venture interests Upon execution of this Agreement, the Venturers shall each own the following interests in the Venture: Joint Venture Partner Percentage Return of capital contributions (a) No Venturer shall have the right to withdraw his capital contributions or demand or receive the return of his capital contributions or any part thereof, except as otherwise provided in this Agreement. (b) The Venturers shall not be personally liable for the return of capital contributions or any part thereof, except as otherwise provided in this Agreement. (c) The Venture shall not pay interest on capital contributions of any Venturer.","Joint Venture Agreement","7",70,"https://templates.business-in-a-box.com/imgs/1000px/joint-venture-agreement-D889.png","https://templates.business-in-a-box.com/imgs/250px/889.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#889.xml",{"title":6,"description":6},[109,110],{"label":17,"url":93},{"label":17,"url":93},"joint venture agreement","/template/joint-venture-agreement-D889",{"description":114,"descriptionCustom":6,"label":115,"pages":116,"size":117,"extension":10,"preview":118,"thumb":119,"svgFrame":120,"seoMetadata":121,"parents":123,"keywords":122,"url":126},"SHAREHOLDERS AGREEMENT This Shareholders Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Company\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [FIRST SHAREHOLDER NAME] (the \"First Shareholder\"), an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [SECOND SHAREHOLDER NAME] (the \"Second Shareholder\"), an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [THIRD SHAREHOLDER NAME] (the \"Third Shareholder\"), an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WITNESSETH: WHEREAS, the present distribution of shares of the Company is as follows: Name Number of Shares WHEREAS, in order to insure the harmonious and successful management and control of the Company, and to provide for an orderly and fair disposition of shares of common stock of the Company now or hereafter owned by any Shareholder; NOW, THEREFORE, in consideration of the mutual promises of the parties hereto, and intending to be legally bound, the parties hereby agree as follows: Definitions and organisation of the company \"Offering Shareholder\" means any Shareholder, or his personal representatives, heirs, administrators, and executors, as the case may be, who pursuant to this Agreement must or does offer all or any of his Shares to the Company or the Continuing Shareholders. \"Continuing Shareholders\" means all Shareholders other than an Offering Shareholder. \"Shares\" means shares of Common Stock of the Company now or hereafter owned by any Shareholder. \"Buyer\" means the Company or those Continuing Shareholders who purchase an Offering Shareholder's Shares pursuant to this Agreement. \"Management Shareholder\" means First Shareholder, Second Shareholder and Third Shareholder. ORGANISATION OF THE COMPANY The affairs of the Company will be managed by a board of [NUMBER] directors unless changed by a unanimous Directors' Resolution. The present directors of the Company are [DIRECTORS' NAMES]. It is agreed that [SHAREHOLDERS' NAMES] shall each be entitled to elect one director to the board of directors of the Company so long as each is a Shareholder. Two (2) directors shall constitute a quorum for the transaction of any business at any meeting of the board of directors. At all meetings of the board of directors, every motion to be carried must receive a majority of the votes cast, subject to the provisions of subparagraphs 2.4 and 2.5. Unless otherwise agreed, board meetings will be held at the head office of the Company. In the event that a nominee to the Board of one of the Shareholders shall fail to vote and act as a director to carry out the provisions of this agreement, then the shareholders agree to exercise their right as shareholders of the Company and in accordance with the Articles of the Company to remove such nominee from the Board and to elect in the place or stead thereof such individual who will use his/her best efforts to carry out the provisions of this agreement but only in the event that the Shareholder whose nominee has been removed fails to appoint a successor within a period of fourteen days from the date such nominee has been removed. The election, appointment and determination of officers and the auditors and advisors of the Company, the defining of their duties and functions and the salaries and remuneration to be paid to them will be a function of the board of directors. Until changed by the board of directors, the Officers of the Company and their annual salaries shall be: Office Held: Director: [NAME] [SALARY] Secretary: [NAME] [SALARY] All direct out-of-pocket expenses will be reimbursed provided these falls within guidelines set out by the Board of Directors from time to time. Until otherwise agreed, each officer of the Company will commit to spending his/her full time on the affairs of the Company. Until changed by the board of directors, the auditors and advisors of the Company shall be: Auditor: Legal Advisors: There shall be kept, in such bank or banks (including trust companies) as may be determined by the board of directors, bank accounts of the Company in which shall be deposited all monies received by the Company in the course of carrying on business from time to time. All payments on account of the Company shall be made by cheques drawn on the bank account and all cheques, drafts or other instruments drawn and made for the purposes of the business of the Company shall be executed by such directors, officers or employees as may from time to time be authorized so to do by the board of directors. Subject to paragraph 2.6, all decisions relating to the management and control of the business of the Company shall be determined by the board of directors of the Company, provided always that the following matters shall be determined by a Special Directors' Resolution: any capital expenditures greater than xxxx; any lease commitments greater than xxxx; the acquisition of any business interests by the Company; the elections of officers of the Company; the payment of any cash dividends or stock dividends to Shareholders of the Company; the issuance of any debt obligations of the Company; the disposal of the whole or any part of the business, undertaking, or assets of the Company outside the normal course of business of the Company the transfer of any shares of the Company; changes or variations in the objects or powers of the Company; the liquidation or winding up of the Company; the approval of any contracts or transactions outside the normal course of business; the execution of any contract involving a consideration greater than xxxx within the normal course of business; the lending of money by the Company; the guarantee by the Company of the debts or obligations of any other person, firm or body corporate; any non-budgeted expenditures greater than xxxx; business plan and/or budgets. The following decisions shall be determined by a Unanimous Directors' Resolution: alterations, variations or changes to the authorized or issued capital of the Company; the salaries and bonuses of officers and directors of the Company; the issue, redemption or purchase of any Shares; and changes in the number of directors of the Company The Shareholders may pledge any of their Shares as security for any borrowings by them provided the pledgee executes an agreement, in writing, providing that the pledgee shall be subject to all of the terms of this Agreement. The board of directors shall meet at least four times during each fiscal year of the Company. Any director can call a meeting provided 10 days notice is given. Notice may be waived. During the first year from the date of this agreement, the board of directors shall meet on a monthly basis. Directors may elect to attend a board meeting by telephone conference call. Each Shareholder shall, for so long as s/he is the owner of shares of the Company devote such of his/her business, time and energy as may be reasonably required to carry on the business of the Company and the Shareholder shall use his/her best efforts, skill and abilities to promote the interests of the Company. Each Shareholder agrees that he/she will not engage, without the consent of the other Shareholders, in a business which is directly competitive to that of the Company. Purchase for Investment","Shareholders Agreement","16",513,"https://templates.business-in-a-box.com/imgs/1000px/shareholders-agreement-D1016.png","https://templates.business-in-a-box.com/imgs/250px/1016.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1016.xml",{"title":122,"description":6},"shareholders agreement",[124,125],{"label":17,"url":93},{"label":95,"url":96},"/template/shareholders-agreement-D1016",{"description":128,"descriptionCustom":6,"label":129,"pages":130,"size":131,"extension":10,"preview":132,"thumb":133,"svgFrame":134,"seoMetadata":135,"parents":136,"keywords":139,"url":140},"LIMITED PARTNERSHIP AGREEMENT OF [PARTNERSHIP NAME] THE SECURITIES REPRESENTED BY THIS INSTRUMENT OR DOCUMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE [SECURITIES ACT OF 1933 OR OTHER ACT], AS AMENDED. WITHOUT SUCH REGISTRATION, SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED AT ANY TIME WHATSOEVER, EXCEPT UPON DELIVERY TO THE PARTNERSHIP OF AN OPINION OF COUNSEL SATISFACTORY TO THE GENERAL PARTNERS OF THE PARTNERSHIP THAT REGISTRATION IS NOT REQUIRED FOR SUCH TRANSFER OR UPON THE SUBMISSION TO THE GENERAL PARTNERS OF THE PARTNERSHIP OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO THE GENERAL PARTNERS TO THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE [SECURITIES ACT OF 1933 OR OTHER ACT], AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS OR ANY RULE OR REGULATION PROMULGATED THEREUNDER. This document evidences the following agreement and certificate of limited partnership entered into and to be effective on the date it is filed with the Secretary of State in [STATE], by and between [NAME], as general partner (\"General Partner\") and each of the individuals whose names are set forth on Exhibit \"A\" attached to this Agreement as limited partners (\"Limited Partners\"). 1. FORMATION 1.1 The parties hereby form a Limited Partnership (Partnership) under and pursuant to the [STATE/PROVINCE OR COUNTRY] Revised Limited Partnership Act, [Article of [code] of the [State/Province] of [STATE/PROVINCE]. 1.2 This Certificate of Limited Partnership shall be filed with the Secretary of [State/Province] of [STATE/PROVINCE], and thereafter the partners shall execute and cause to be filed and otherwise published such original or amended certificates evidencing the formation and operation of this Limited Partnership as may be required under the laws of the [State/Province] of [STATE/PROVINCE] and of any other states where the Partnership shall determine to do business. 1.3 The General Partner is hereby authorized and empowered by all the Limited Partners to prepare, file, and publish either the original or any amended or modified Certificates of Limited Partnership as may be necessary or desirable and each Limited Partner specifically designates and appoints the General Partner, for and on his or her behalf, as his or her attorney for the exclusive purposes of signing and attesting to such original or amended Certificates of Limited Partnership. 1.4 The purpose of the Partnership shall be as follows: to buy, manage and sell, as appropriate, all real property, including improvements and personal property located thereon, known as the [name or description of property], more particularly described in Exhibit \"B.\" [Add, if appropriate] Further, the Partnership shall engage in the [alteration and repair of the improvement, and personal property located in the subject real property.] 2. NAMES AND PLACE OF BUSINESS 2.1 The name of the Limited Partnership shall be [NAME]. 2.2 The business of the Partnership shall be conducted under that name and under such variations of the name as may be necessary to comply with the laws of other [States/Provinces] within which the Partnership may do business or make investments. 2.3 The General Partner shall promptly execute and duly file, with the proper offices in each state in which the Partnership may conduct the activities authorized in this Agreement, one or more certificates as required by the Fictitious Name or Assumed Name Act or similar statute in effect as to each such state in which such activities are so conducted. 2.4 The principal place of business shall be located at [address] and additional places of business may be located elsewhere. 2.5. The name and address of the General Partner of the Partnership are: [Name] [Address] 2.6 There are no other General Partners of this Partnership and no other person or entity has any right to take part in the active management of the business affairs of the Partnership. 2.7 The names and addresses or places of residence of the Limited Partners of this Partnership are set forth in Exhibit \"A\" attached to this Agreement and by this reference made a part of this agreement. There are no other Limited Partners to the Partnership other than those listed in the attached Exhibit \"A.\" 3. TERM OF PARTNERSHIP 3.1 The Partnership shall commence as of the date of this Agreement and shall continue in existence until [YEAR], unless it is sooner terminated, liquidated, or dissolved as provided below. 4. CONTRIBUTIONS OF CAPITAL 4.1 The capital to be contributed initially to the Partnership by the General Partner and all the Limited Partners shall be cash. 4.2 The initial capital to be contributed by each Partner, General and Limited, shall be the sum set opposite his or her name in the attached Exhibit \"A.\" 4.3 Each partner shall be personally liable to the Partnership for the full amount of his or her initial capital contribution. 4.4 The Limited Partners shall be required to make additional capital contributions to the Partnership, on written request by the General Partner, the Partner's pro rata share (the ownership percentage set opposite the name of each Limited and General Partner in Exhibit \"A\") of all costs, expenses, or charges with respect to the operation of the Partnership. [add, if appropriate] and the ownership operation, maintenance, and upkeep of any Partnership property including but not limited to ad valorem taxes, debt amortization (including interest payments), insurance premiums, repairs, professional fees, wages, and utility costs] to the extent such costs, expenses, or charges exceed the income, if any, derived from the Partnership and the proceeds of any loans made to the Partnership. a. If any Partner fails or refuses to contribute the entire amount of the initial capital called for and/or the additional capital as called for, the General Partner shall be authorized to declare forfeited Partner's capital account and ownership interest as liquidated damages for the failure. 5. PROFITS AND LOSSES 5.1 The amount of net profits and net losses of the Partnership to be allocated to and charged against each Partner shall be determined by the percentage set opposite his or her name in Exhibit \"A.\" 5.2 The term \"profits\" is hereby defined to mean income or gain of whatsoever kind actually incurred by the Partnership or which, because of generally accepted accounting procedures, must be deemed to have been incurred by the Partnership. 5.3 The term \"losses\" is hereby defined to mean any deduction, expenditure, or charge actually incurred by the Partnership or which, because of generally accepted accounting procedures, must be deemed to have been incurred by the Partnership. 5.4 Cash, when available, may be distributed by the General Partner to all Partners in the same ratio as profits and losses are shared. a. Cash distributions from the Partnership may be made by the General Partner to all Partners without regard to the profits or losses of the Partnership from operations; provided, that no cash distributions shall be made that will impair the ability of the Partnership to pay its just debts as they mature. b. The General Partner shall determine when, if ever, cash distributions shall be made to the Partners, pursuant to the provisions and the tenor of this Agreement. c. There shall be no obligation to return to the General Partner or the Limited Partners, or to any one of them, any part of their capital contributed to the Partnership, for so long as the Partnership continues in existence. d. No General or Limited Partner shall be entitled to any priority or preference over any other Partner as to cash distributions. e. No interest shall be paid to any Partner on the initial contributions to the capital of the Partnership or on any subsequent contributions of capital. 6. OWNERSHIP OF PARTNERSHIP PROPERTY 6","Limited Partnership Agreement","13",80,"https://templates.business-in-a-box.com/imgs/1000px/limited-partnership-agreement-D891.png","https://templates.business-in-a-box.com/imgs/250px/891.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#891.xml",{"title":6,"description":6},[137,138],{"label":17,"url":93},{"label":17,"url":93},"limited partnership agreement","/template/limited-partnership-agreement-D891",{"description":142,"descriptionCustom":6,"label":143,"pages":144,"size":145,"extension":10,"preview":146,"thumb":147,"svgFrame":148,"seoMetadata":149,"parents":150,"keywords":153,"url":154},"PARTNERSHIP DISSOLUTION AGREEMENT This Partnership Dissolution Agreement (the \"Agreement\") is made and effective this [Date], BETWEEN: [YOUR COMPANY NAME] (the \"Selling Partner\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [PURCHASING PARTNER NAME] (the \"Purchasing Partner\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] RECITALS The parties are partners in the firm named [name], of [address], [city], [state], established for the purpose of [specify], under an agreement dated [date]. Pursuant to the terms of the partnership agreement, a buy or sell notice was given by Selling Partner to Purchasing Partner. The Purchasing Partner has exercised its option to purchase the interest of Selling Partner in and to the partnership business. In consideration of the matters described above, and of the mutual benefits and obligations set forth in this agreement, the parties agree as follows: SALE OF INTEREST; PURCHASE PRICE Selling Partner shall sell its [%] interest in the partnership business, including its [%] interest in all of the furniture, equipment, and furnishings of the business, stock of merchandise, accounts receivable, moneys, and all of [Selling Partner name's] right, title, and interest in and to any and all of the assets of the partnership, to Purchasing Partner for [amount], to be paid in [number] equal monthly installments, due on the [specify] day of each month, commencing on [date]. ASSUMPTION OF OBLIGATIONS The Purchasing Partner shall and do assume and agrees to pay all of the outstanding debts and obligations of the partnership business and to perform all of the covenants of the leases on the premises, and to perform all of the outstanding contracts and agreements required to be performed by the partnership and agrees to save and hold harmless Selling Partner against any claim or claims that may arise by reason of such debts, obligations, or covenants, or any other claims except those specifically mentioned in this agreement. INDEMNIFICATION","Partnership Dissolution Agreement","2",37,"https://templates.business-in-a-box.com/imgs/1000px/partnership-dissolution-agreement-D901.png","https://templates.business-in-a-box.com/imgs/250px/901.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#901.xml",{"title":6,"description":6},[151,152],{"label":17,"url":93},{"label":17,"url":93},"partnership dissolution agreement","/template/partnership-dissolution-agreement-D901",{"description":156,"descriptionCustom":6,"label":157,"pages":158,"size":117,"extension":10,"preview":159,"thumb":160,"svgFrame":161,"seoMetadata":162,"parents":164,"keywords":163,"url":169},"NON-DISCLOSURE AGREEMENT (NDA) This Non-Disclosure Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Disclosing Party\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [RECEIVING PARTY NAME] (the \"Receiving Party\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS, Receiving Party has been or will be engaged in the performance of work on [DESCRIBE]; and in connection therewith will be given access to certain confidential and proprietary information; and WHEREAS, Receiving Party and Disclosing Party wish to evidence by this Agreement the manner in which said confidential and proprietary material will be treated. NOW, THEREFORE, it is agreed as follows: NON-DISCLOSURE OF CONFIDENTIAL INFORMATION Both Parties understand and agree that each Party may have access to the confidential information of the other party. For the purposes of this Agreement, \"Confidential Information\" means proprietary and confidential information about the Disclosing Party's (or it's suppliers') business or activities. Such information includes all business, financial, technical, and other information marked or designated by such Party as \"confidential\" or \"proprietary.\" Confidential Information also includes information which, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential. For the purposes of this Agreement, Confidential Information does not include: Information that is currently in the public domain or that enters the public domain after the signing of this Agreement. Information a Party lawfully receives from a third Party without restriction on disclosure and without breach of a non-disclosure obligation. Information that the Receiving Party knew prior to receiving any Confidential Information from the Disclosing Party. Information that the Receiving Party independently develops without reliance on any Confidential Information from the Disclosing Party. Each Party agrees that it will not disclose to any third Party or use any Confidential Information disclosed to it by the other Party except when expressly permitted in writing by the other Party. Each Party also agrees that it will take all reasonable measures to maintain the confidentiality of all Confidential Information of the other Party in its possession or control. TERM The term of this Agreement is [number] of [years/months] from the date of execution by both Parties. TITLE The Receiving Party agrees that all Confidential Information furnished by the Disclosing Party shall remain the sole property of the Disclosing Party. DISCLAIMER","Non Disclosure Agreement Nda","3","https://templates.business-in-a-box.com/imgs/1000px/non-disclosure-agreement-nda-D12692.png","https://templates.business-in-a-box.com/imgs/250px/12692.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12692.xml",{"title":163,"description":6},"non disclosure agreement nda",[165,166],{"label":17,"url":93},{"label":167,"url":168},"Confidentiality Agreements","confidentiality-agreement","/template/non-disclosure-agreement-nda-D12692",false,{"seo":172,"reviewer":185,"legal_disclaimer":170,"quick_facts":189,"at_a_glance":191,"personas":195,"variants":216,"glossary":239,"fields":264,"how_to_fill":310,"common_mistakes":341,"faqs":358,"industries":383,"comparisons":400,"diy_vs_pro":414,"related_template_ids_curated":427,"schema":435,"classification":437},{"meta_title":173,"meta_description":174,"primary_keyword":175,"secondary_keywords":176},"Partnership Agreement Short Form Template | BIB","Free short-form partnership agreement template covering roles, profit sharing, contributions, and exit terms.","partnership agreement short form template",[177,178,179,180,181,182,183,184],"short form partnership agreement","simple partnership agreement template","partnership agreement template word","partnership agreement template free","basic partnership agreement","small business partnership agreement","partnership contract template","partnership agreement pdf",{"name":186,"credential":187,"reviewed_date":188},"Bruno Goulet","CEO, Business in a Box","2026-05-02",{"difficulty":190,"legal_review_recommended":170,"signature_required":170},"easy",{"what_it_is":192,"when_you_need_it":193,"whats_inside":194},"A Partnership Agreement Short Form is a concise written record that captures the essential terms of a business partnership — partner names, capital contributions, ownership percentages, profit and loss allocation, roles, and basic exit procedures. This free Word download lets you fill in the key fields, export as PDF, and have both partners sign within minutes.\n","Use it when two or more people are starting or formalizing a small business partnership and need a clear written record of agreed terms without the complexity of a full partnership deed. It is particularly suited to early-stage ventures, freelance collaborations, and small retail or service businesses.\n","Partner identification and capital contributions, ownership split, profit and loss sharing ratios, defined roles and responsibilities, banking and decision-making authority, and the procedures for adding partners or dissolving the partnership.\n",[196,200,204,208,212],{"title":197,"use_case":198,"icon_asset_id":199},"Co-founders launching a small business","Documenting ownership split and roles before the first client or sale","persona-startup-founder",{"title":201,"use_case":202,"icon_asset_id":203},"Freelancers collaborating on a joint project","Splitting revenue and responsibilities on a shared client engagement","persona-freelancer",{"title":205,"use_case":206,"icon_asset_id":207},"Small business owners bringing in a partner","Formalizing a new equity partner joining an existing sole proprietorship","persona-small-business-owner",{"title":209,"use_case":210,"icon_asset_id":211},"Family members entering business together","Recording agreed terms in writing to avoid future misunderstandings","persona-family-business",{"title":213,"use_case":214,"icon_asset_id":215},"Contractors forming a joint venture","Combining resources to bid on a contract too large for either party alone","persona-contractor",[217,220,224,227,230,233,236],{"situation":218,"recommended_template":7,"slug":219},"Two equal partners starting a small service business","partnership-agreement-short-form-D900",{"situation":221,"recommended_template":222,"slug":223},"Multiple partners with unequal contributions and complex governance","General Partnership Agreement","partnership-agreement-D12551",{"situation":225,"recommended_template":84,"slug":226},"Partners who want limited liability protection","llc-operating-agreement-D5209",{"situation":228,"recommended_template":101,"slug":229},"Two businesses collaborating on a specific project","joint-venture-agreement-D889",{"situation":231,"recommended_template":129,"slug":232},"Silent investor providing capital without active management","limited-partnership-agreement-D891",{"situation":234,"recommended_template":235,"slug":223},"Partners sharing a professional practice (law, accounting, medicine)","Professional Partnership Agreement",{"situation":237,"recommended_template":143,"slug":238},"Dissolving an existing partnership and dividing assets","partnership-dissolution-agreement-D901",[240,243,246,249,252,255,258,261],{"term":241,"definition":242},"General Partnership","A business structure where two or more individuals share ownership, management, profits, and unlimited personal liability for business debts.",{"term":244,"definition":245},"Capital Contribution","Cash, property, or services that a partner puts into the partnership at formation or later, which determines their initial ownership stake.",{"term":247,"definition":248},"Profit and Loss Allocation","The agreed percentage of net income or net loss assigned to each partner, which may or may not equal their ownership percentage.",{"term":250,"definition":251},"Drawing","A withdrawal of funds by a partner from the partnership for personal use, typically charged against their capital account.",{"term":253,"definition":254},"Partnership at Will","A partnership with no fixed end date that any partner may dissolve at any time by giving notice to the other partners.",{"term":256,"definition":257},"Dissolution","The formal process of winding up a partnership's affairs, paying outstanding debts, and distributing remaining assets to partners.",{"term":259,"definition":260},"Right of First Refusal","A provision giving existing partners the right to purchase a departing partner's interest before it can be sold to an outside party.",{"term":262,"definition":263},"Unanimous Consent","A decision-making rule requiring all partners to agree before certain major actions — such as admitting a new partner or taking on debt — can be taken.",[265,270,275,280,285,290,295,300,305],{"name":266,"plain_english":267,"sample_language":268,"common_mistake":269},"Partner names and contact details","Full legal names and addresses of every individual entering the partnership.","This Agreement is entered into between [PARTNER 1 FULL NAME] of [ADDRESS] and [PARTNER 2 FULL NAME] of [ADDRESS].","Using nicknames or trade names instead of legal names — this creates ambiguity about who is personally bound by the agreement.",{"name":271,"plain_english":272,"sample_language":273,"common_mistake":274},"Business name and purpose","The partnership's operating name and a brief description of the business activity it will conduct.","The partners agree to carry on business under the name [BUSINESS NAME] for the purpose of [DESCRIPTION OF BUSINESS ACTIVITY].","Leaving the business purpose too vague ('general business activities') so that disputes arise later about whether a particular activity falls within the partnership's scope.",{"name":276,"plain_english":277,"sample_language":278,"common_mistake":279},"Capital contributions","The amount of cash, property, or services each partner contributes at formation and whether additional contributions may be required.","[PARTNER 1] shall contribute $[AMOUNT] in cash. [PARTNER 2] shall contribute [DESCRIPTION OF PROPERTY/SERVICES] valued at $[AMOUNT]. Total initial capital: $[TOTAL].","Recording only cash contributions and omitting the agreed value of in-kind contributions such as equipment or intellectual property, causing disputes when assets are later sold or the partnership dissolves.",{"name":281,"plain_english":282,"sample_language":283,"common_mistake":284},"Ownership percentages","Each partner's share of the partnership, expressed as a percentage that should total 100%.","[PARTNER 1]: [X]% | [PARTNER 2]: [X]%. Total: 100%.","Setting ownership equal to capital contribution percentages without discussing whether this is intended — a partner contributing labor instead of cash may expect a different split.",{"name":286,"plain_english":287,"sample_language":288,"common_mistake":289},"Profit and loss sharing","The ratio in which partners share net profits and bear net losses, stated separately from ownership if the split differs.","Net profits and losses shall be allocated [X]% to [PARTNER 1] and [X]% to [PARTNER 2], unless otherwise agreed in writing.","Assuming profit sharing automatically matches ownership percentage without writing it down — when the split differs, undocumented expectations become the source of the most common partnership disputes.",{"name":291,"plain_english":292,"sample_language":293,"common_mistake":294},"Roles and management responsibilities","What each partner is responsible for day-to-day and which decisions require joint approval.","[PARTNER 1] shall manage [FUNCTION]. [PARTNER 2] shall manage [FUNCTION]. Expenditures exceeding $[AMOUNT] require written consent of both partners.","Assigning overlapping responsibilities to both partners without specifying who has final authority — creating deadlock on routine operational decisions.",{"name":296,"plain_english":297,"sample_language":298,"common_mistake":299},"Banking and financial authority","Which bank holds partnership funds, who is authorized to sign checks or initiate transfers, and any spending limits.","Partnership funds shall be held at [BANK NAME] in account number [ACCOUNT]. Either partner may authorize transactions up to $[LIMIT]. Transactions above $[LIMIT] require both signatures.","Giving both partners unlimited individual signing authority with no dollar threshold — a single partner can then commit the partnership to large expenses without the other's knowledge.",{"name":301,"plain_english":302,"sample_language":303,"common_mistake":304},"Partner withdrawal or exit","The notice period required for a partner to withdraw, how their interest is valued, and who has the right to buy them out.","A withdrawing partner shall give [X] days' written notice. The remaining partner(s) shall have the right of first refusal to purchase the departing partner's interest at fair market value determined by [METHOD].","Omitting any exit procedure entirely — when a partner wants to leave, the absence of an agreed process leads to litigation over valuation and forced dissolution.",{"name":306,"plain_english":307,"sample_language":308,"common_mistake":309},"Dissolution and winding up","The events that trigger dissolution, how debts are settled, and how remaining assets are distributed among partners.","Upon dissolution, partnership debts shall be paid first. Remaining assets shall be distributed to partners in proportion to their ownership percentages as of the dissolution date.","Specifying asset distribution ratios that do not match ownership percentages without an explicit reason — this inconsistency causes confusion and delays during wind-down.",[311,316,321,326,331,336],{"step":312,"title":313,"description":314,"tip":315},1,"Enter all partners' legal names and addresses","Fill in the full legal name and current address of every partner. For partners who are entities rather than individuals, use the registered legal name of the entity.","Match names exactly to government-issued ID or incorporation documents — discrepancies create enforceability questions.",{"step":317,"title":318,"description":319,"tip":320},2,"Name the business and describe its purpose","Enter the partnership's operating name and write two to three sentences describing the business activities it will conduct. Be specific enough to cover your actual operations.","If you plan to expand into adjacent services within the first year, include them in the purpose clause now rather than amending later.",{"step":322,"title":323,"description":324,"tip":325},3,"Record each partner's capital contribution","List cash amounts, property descriptions with agreed values, and any services to be contributed. Confirm the total initial capital figure at the bottom of this field.","Agree on the valuation of non-cash contributions before signing and document how you reached the number — an email exchange or short written note is sufficient.",{"step":327,"title":328,"description":329,"tip":330},4,"Set ownership and profit-sharing percentages","Enter each partner's ownership percentage so the total equals exactly 100%. Separately specify the profit and loss sharing ratio if it differs from the ownership split.","Have a direct conversation about whether profit shares should reflect time contributed, capital contributed, or both — most partnership disputes trace back to this question being left unresolved.",{"step":332,"title":333,"description":334,"tip":335},5,"Define roles and spending authority","Assign specific management functions to each partner and set a dollar threshold above which both partners must approve spending. Write in a single decision-maker for day-to-day operations.","Set the joint-approval threshold at roughly 10–20% of your expected monthly operating budget — low enough to catch meaningful decisions, high enough not to require sign-off on every small purchase.",{"step":337,"title":338,"description":339,"tip":340},6,"Complete the exit and dissolution fields","Specify the notice period for voluntary withdrawal, the method for valuing a departing partner's interest, and who may buy it. Then confirm the order of asset distribution on dissolution.","A 30-day notice period works for most small partnerships; use 60–90 days if the business would be seriously disrupted by a sudden departure.",[342,346,350,354],{"mistake":343,"why_it_matters":344,"fix":345},"Skipping the profit-sharing field","Without a written ratio, courts in most jurisdictions default to equal shares regardless of how much capital or labor each partner contributed.","Write the exact percentage next to each partner's name and confirm it matches your verbal agreement before anyone signs.",{"mistake":347,"why_it_matters":348,"fix":349},"No exit or buyout clause","When a partner wants to leave and there is no agreed process, the remaining partner cannot force a sale or continue the business without the departing partner's cooperation.","Include a right-of-first-refusal clause with a named valuation method — even a simple 'mutual agreement or independent accountant' clause is far better than silence.",{"mistake":351,"why_it_matters":352,"fix":353},"Overlapping management roles","Two partners with authority over the same function will inevitably make conflicting decisions, and there is no documented tiebreaker.","Assign each major function — finance, operations, sales, client management — to a single named partner. Reserve a short list of decisions for joint approval.",{"mistake":355,"why_it_matters":356,"fix":357},"Unlimited joint signing authority on the bank account","Either partner can independently commit the business to large expenditures, loans, or transfers with no check on the other's actions.","Set a dollar threshold above which both partners must authorize transactions, and confirm this limit with your bank when opening the account.",[359,362,365,368,371,374,377,380],{"question":360,"answer":361},"What is a short-form partnership agreement?","A short-form partnership agreement is a concise written document that records the essential terms of a business partnership — partner names, capital contributions, ownership and profit-sharing percentages, roles, and exit procedures — without the lengthy governance provisions of a full partnership deed. It is designed for small businesses and early-stage ventures where a straightforward, readable record is more practical than a complex legal document.\n",{"question":363,"answer":364},"Is a short-form partnership agreement legally binding?","Yes, a short-form partnership agreement is generally enforceable when it identifies the parties, states the agreed terms clearly, and is signed by all partners. Courts treat written partnership agreements as the authoritative record of the parties' intentions. For ventures with significant assets, outside investors, or complex governance, a full-length agreement reviewed by a lawyer is worth considering.\n",{"question":366,"answer":367},"Do I need a lawyer to create a partnership agreement?","For a simple two-person partnership with straightforward terms, a well-structured template is typically sufficient. Consider engaging a lawyer when the business involves significant intellectual property, real estate, outside investment, or partners in different jurisdictions. A one-hour legal review of a completed template usually costs $150–$400 and is worthwhile for any partnership with assets over $50,000.\n",{"question":369,"answer":370},"What is the difference between a short-form and a long-form partnership agreement?","A short-form agreement covers the core commercial terms — contributions, ownership, profit sharing, roles, and exit — in a few pages. A long-form agreement adds detailed governance provisions such as voting procedures, non-compete obligations, deadlock resolution, buy-sell mechanics, and representations and warranties. Use the short form for simple arrangements; use the long form when the stakes, complexity, or number of partners warrants it.\n",{"question":372,"answer":373},"What happens if partners operate without a written agreement?","Without a written agreement, the partnership is governed entirely by the default rules of the applicable jurisdiction's partnership statute. In most US states and Canadian provinces, this means profits and losses are split equally regardless of contribution, every partner has equal management authority, and any partner can dissolve the partnership at will. These defaults rarely match what the partners actually agreed.\n",{"question":375,"answer":376},"Can a partnership agreement be amended after signing?","Yes. Most partnership agreements — including this short form — include a clause allowing amendments with the written consent of all partners. When circumstances change, such as adding a partner or adjusting the profit split, both partners should sign a dated written amendment and attach it to the original agreement rather than informally revising the document.\n",{"question":378,"answer":379},"Does a partnership agreement need to be notarized?","Notarization is not required for a partnership agreement to be enforceable in most jurisdictions. Both partners signing in the presence of a witness is typically sufficient. Some states require notarized signatures when the partnership will own real property — confirm local requirements if that applies to your business.\n",{"question":381,"answer":382},"How is a partnership agreement different from an LLC operating agreement?","A partnership agreement governs a general partnership, where each partner bears unlimited personal liability for business debts. An LLC operating agreement governs a limited liability company, where members are generally protected from personal liability beyond their investment. If personal liability exposure is a concern, forming an LLC and using an operating agreement instead of a general partnership is worth discussing with a business advisor.\n",[384,388,392,396],{"industry":385,"icon_asset_id":386,"specifics":387},"Professional Services","industry-professional-services","Accountants, lawyers, and consultants use short-form agreements to split client revenue and define each partner's book of business before formalizing a practice.",{"industry":389,"icon_asset_id":390,"specifics":391},"Construction and Trades","industry-construction","Two contractors pooling equipment and labor to bid on larger jobs use this form to document cost-sharing, liability split, and project revenue allocation.",{"industry":393,"icon_asset_id":394,"specifics":395},"Retail and Food Service","industry-retail","Co-owners of a shop, cafe, or market stall record the equity split, daily management responsibilities, and profit withdrawal rules before opening.",{"industry":397,"icon_asset_id":398,"specifics":399},"Creative and Marketing Agencies","industry-marketing","Freelancers or designers forming a shared studio or agency use this form to set revenue-share ratios and confirm which partner controls client relationships.",[401,404,407,410],{"vs":222,"vs_template_id":402,"summary":403},"partnership-agreement-D12710","A general partnership agreement is a comprehensive document covering governance, voting, non-compete obligations, detailed buyout mechanics, and dispute resolution in full legal detail. A short-form agreement records the core commercial terms in a few pages. Use the short form for simple two-partner arrangements; use the full agreement when the business has significant assets, multiple partners, or complex governance needs.",{"vs":84,"vs_template_id":405,"summary":406},"llc-operating-agreement-D12707","An LLC operating agreement governs a limited liability company, where members are generally protected from personal liability for business debts. A partnership agreement governs a general partnership, where each partner bears unlimited personal liability. If liability protection is a priority, forming an LLC is the better structure and requires an operating agreement rather than a partnership agreement.",{"vs":101,"vs_template_id":408,"summary":409},"joint-venture-agreement-D167","A joint venture agreement is used when two separate businesses collaborate on a single defined project or opportunity — it has a fixed scope and typically ends when the project concludes. A partnership agreement governs an ongoing business relationship with no predetermined end date. Use a joint venture agreement for project-based collaboration and a partnership agreement for an ongoing shared business.",{"vs":411,"vs_template_id":412,"summary":413},"Shareholder Agreement","shareholders-agreement-D12715","A shareholder agreement governs relationships between owners of an incorporated company, covering share classes, dividend policy, board composition, and transfer restrictions. A partnership agreement governs an unincorporated partnership with no share structure. If the business is or will be incorporated, a shareholder agreement is the appropriate document.",{"use_template":415,"template_plus_review":419,"custom_drafted":423},{"best_for":416,"cost":417,"time":418},"Two-partner small businesses with straightforward terms and no significant assets or outside investors","Free","15–30 minutes",{"best_for":420,"cost":421,"time":422},"Partnerships involving real property, IP ownership, or partners in different jurisdictions","$150–$400 (one-hour lawyer review)","1–2 days",{"best_for":424,"cost":425,"time":426},"Multi-partner arrangements, partnerships with outside investment, or heavily regulated industries","$800–$3,000+","1–2 weeks",[223,226,229,428,232,238,429,430,431,432,433,434],"shareholders-agreement-D1016","non-disclosure-agreement-nda-D12692","independent-contractor-agreement-D160","service-agreement-D12711","memorandum-of-understanding-D12548","letter-of-intent_acquisition-of-business-D5197","profit-sharing-agreement-D13753",{"emit_how_to":436,"emit_defined_term":436},true,{"primary_folder":93,"secondary_folder":438,"document_type":439,"industry":440,"business_stage":441,"tags":442,"confidence":447},"partnerships-and-joint-ventures","agreement","general","all-stages",[443,444,445,446],"partnership-agreement","legal-contract","business-formation","ownership-structure",0.95,"\u003Ch2>What is a Partnership Agreement Short Form?\u003C/h2>\n\u003Cp>A \u003Cstrong>Partnership Agreement Short Form\u003C/strong> is a concise written document that records the essential terms two or more people agree to when starting or formalizing a business partnership. It captures each partner's capital contribution, ownership percentage, profit and loss sharing ratio, management responsibilities, and the procedures for a partner to exit or dissolve the business — all in a format that can be completed in under 30 minutes. Unlike a full partnership deed, the short form omits complex governance provisions and is designed to be read and understood without legal training.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Operating a partnership without a written agreement is one of the most common and costly mistakes small business owners make. Without it, the default rules of your jurisdiction's partnership statute apply automatically — which almost always means equal profit splits and equal management authority regardless of who contributed more capital or does more work. When the partnership hits its first real disagreement over money, a new client, or a partner who wants to leave, the absence of a written record turns a solvable business problem into an expensive dispute. This short-form template gives both partners a clear, signed reference point for every term that matters — ownership, profit sharing, roles, and exit — so the business relationship starts on documented, agreed ground.\u003C/p>\n",1778696378370]