Free Partnership Bylaws

Article I: Name and Purpose

The name of the Partnership shall be [Name of Partnership] (hereinafter referred to as the "Partnership"). The purpose of the Partnership shall be to engage in [Primary Business Activities] and any other lawful activities as agreed upon by the partners.

Article II: Principal Office

The principal office of the Partnership shall be located at [Your Company Address], or at such other place as the partners may determine from time to time.

Article III: Partners

Section 1: General Partners

General partners will have management responsibilities and unlimited liability for the debts and obligations of the Partnership.

The initial General Partners are:

• [General Partner 1]

• [General Partner 2]

Section 2: Limited Partners

Limited partners contribute capital and share in profits but do not have management responsibilities and have limited liability.

The initial Limited Partners are:

• [Limited Partner 1]

• [Limited Partner 2]

Article IV: Contributions and Capital

Partners shall make the following capital contributions:

Article V: Profit and Loss Allocation

Profits and losses shall be allocated among the partners according to their respective percentage interests as follows:

Article VI: Management

The business affairs of the Partnership shall be managed by the General Partners. Decisions shall be made as follows:

• Unanimous Consent: For major decisions such as amending these bylaws, admitting new partners, or dissolving the Partnership.

• Majority Vote: For routine operational decisions.

Article VII: Meetings

Regular meetings of the partners shall be held [Frequency] at the principal office, or as otherwise designated by the partners. Special meetings may be called by any General Partner with at least [Number] days’ notice.

Article VIII: Indemnification

The Partnership shall indemnify and hold harmless each partner from and against any and all claims, liabilities, and expenses arising out of their role, except in cases of gross negligence or willful misconduct.

Article IX: Dissolution

The Partnership may be dissolved upon the occurrence of any of the following events:

• Unanimous written agreement of all partners.

• Judicial decree of dissolution.

• The inability of the Partnership to continue its business operations.

Article X: Miscellaneous Provisions

Section 1: Governing Law

These bylaws shall be governed by and construed in accordance with the laws of the State of [State].

Section 2: Amendments

These bylaws may be amended only by a unanimous written agreement of all partners.

Section 3: Dispute Resolution

Any disputes arising under these bylaws shall be resolved by arbitration in accordance with the rules of the American Arbitration Association.

IN WITNESS WHEREOF, the partners have executed these Partnership Bylaws as of the date first above written.

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