Sample Partnership Agreement
Article I: General Partnership Provisions
Section 1.1: Formation
This Partnership Agreement is made and entered into as of [Date], by and between [Your Name] and Tom Walter hereinafter referred to as "Partners." The Partners hereby agree to establish a general partnership in accordance with the laws of the State of [State].
Section 1.2: Name
The partnership shall be conducted under the name SynoVita, and all business of the partnership shall be conducted in such name.
Section 1.3: Purpose
The purpose of the partnership is to develop and manage a chain of eco-friendly coffee shops in the state of [State Name]. The Partners agree to engage in any lawful activities necessary or incidental to the achievement of such purpose.
Article II: Contributions, Profits, and Losses
Section 2.1: Capital Contributions
Each Partner shall contribute the following capital to the partnership: [Specify contributions for each partner]. No interest shall be paid on any initial contributions or any subsequent contributions.
Section 2.2: Profit and Loss Allocation
All profits and losses will be divided equally between the Partners unless otherwise agreed in writing. The profits shall be shared, and the losses shall be borne by the Partners in proportion to their respective contributions.
Section 2.3: Distributions
Partnership profits may be distributed periodically as determined by a majority of the Partners. Any distribution of profits shall not affect the Partners' respective capital contributions.
Article III: Management
Section 3.1: Management and Duties
The management of the partnership shall be vested in the Partners, who shall have equal rights in the management and conduct of the partnership business. All decisions shall be made by a majority vote of the Partners.
Section 3.2: Authority
No Partner shall, without the consent of the other Partners, on behalf of the partnership, borrow or lend money, make any new partnership ventures, or bind the partnership to any significant obligation.
Article IV: Duration and Termination
Section 4.1: Term
The partnership shall begin on [Start Date] and continue until terminated as provided in this Agreement or by law.
Section 4.2: Termination
This agreement can be terminated by mutual consent of the Partners or upon the occurrence of any event making its continuance not feasible.
Signatures
[Your Name]
Tom Walter
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