General Partnership Agreement | Create and Download

The partnership

How many partners will sign this agreement?

This agreement covers two to four partners.

Partnership name

The name the partners will do business under, for example "Rivera and Cho Landscaping".

Principal place of business

Street, city, state and ZIP code.

What business will the partnership carry on?

For example, "residential landscaping and garden design services."

Date the partnership begins

How long will the partnership last?

First partner

Is the first partner a business or an individual?

First partner's full legal name

For a business, use its registered name, including "LLC" or "Inc." if it has one.

Street address

City

State

ZIP code

Email optional

Used for written notices.

Phone optional

Second partner

Is the second partner a business or an individual?

Second partner's full legal name

For a business, use its registered name, including "LLC" or "Inc." if it has one.

Street address

City

State

ZIP code

Email optional

Used for written notices.

Phone optional

Third partner

Fourth partner

Capital contributions

What each partner puts into the partnership to start it, with the value the partners agree it is worth.

Date by which every partner must make the contribution below

What will the first partner contribute?

Agreed value of the first partner's contribution

For cash, the amount. For property or services, the value all partners agree to credit.

What will the second partner contribute?

Agreed value of the second partner's contribution

For cash, the amount. For property or services, the value all partners agree to credit.

Profits, losses and draws

How will the partners share profits and losses?

How often will profits be considered for distribution to the partners?

May partners take draws (advances against their share of profits)?

Management and authority

Up to what amount may one partner commit the partnership alone?

Each partner may sign contracts and spend partnership money in the ordinary course of business up to this amount per transaction. Anything larger needs the other partners' consent.

What consent is needed for commitments above that amount and for major decisions?

Which decisions also need that consent, whatever the amount? optional

Selling all or most of the business's assets

Buying, selling or leasing real estate

Borrowing money or pledging partnership property

Guaranteeing someone else's debt

Hiring or firing employees

Signing contracts that last more than a year

Starting or settling a lawsuit

Starting a new line of business

Amending this agreement and admitting a new partner always need every partner's consent. Starting a different kind of business needs every partner's consent unless you select it here.

Partners' duties and liability

How much time must each partner give the business?

May partners run other businesses or hold other jobs on the side?

Yes No

Either way, while they are partners, each partner must offer the partnership any business opportunity in its line of business first, may not use partnership property or confidential information for another business, and must tell the other partners about any outside business that competes with the partnership. Nothing restricts anyone after they leave the partnership, apart from keeping partnership information confidential.

Will the partnership carry general liability insurance?

Yes No

In a general partnership, partners can be personally responsible for the partnership's debts. Insurance does not remove that risk but can reduce it.

New partners, withdrawal and buyouts

How many days' written notice must a partner give to withdraw?

How is a departing partner's interest valued?

How many days do the remaining partners have to decide whether to buy the interest?

After how many days of being unable to work does a partner's disability trigger a buyout?

Over how many months may the purchase price be paid?

Enter 1 for a single payment.

Who must agree to dissolve the partnership?

Books and banking

Who may sign checks and withdraw from the partnership bank account?

Accounting method

When does the partnership's accounting year end?

How often will every partner receive financial statements?

Final terms

Anything else the partners agreed to? optional

Which state's law should govern this agreement?

Usually the state where the partnership's principal place of business is.

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Partnership Agreement