Sample General Partnership Agreement Form

When you decide to start a business, there are many questions you may have. So how do I start a business, you ask. If you decide to start a business and have another person that you intend to go into partnership with, all you have to do is complete a simple partnership form. The partnership form that you will need is called a partnership agreement and can be executed by all of the partners agreeing on the partnership terms and signing the partnership form. Here is a sample general partnership form where business partners can outline the terms of the partnership. Be advised that this form is a sample only and cannot be construed as legal advice. By downloading this form you acknowledge that you fully understand that this is not legal advice. If you need legal advice, consult a Bar Certified attorney.


This Partnership Agreement (the "Agreement") is entered into on ____________________________ between the General Partners listed below (the "General Partners").
General Partners Names

The above-named persons agree that upon the commencement date of this partnership, they shall be deemed to have become partners in business.
The purposes, terms and conditions of this partnership are as follows:

1. The name of the Partnership shall be ___________________________________, or such other name as shall be selected from time to time by the General Partners.
2. Principal place of business - The principal place of business of the partnership shall be

Address:
In addition, the Partnership may maintain such other offices as the General Partners deem advisable.
2.1 Agent for Service of Process:
The agent for service of process on the Partnership in California shall be Name or such other eligible individual California resident or corporation qualified to act as an agent for service of process as the General Partners shall designate.

2.2 Certificates:
The General Partners, or any one of them, on the Partnership's behalf, shall sign and cause to be filed and published an appropriate fictitious business name statement under the California Fictitious Business Name Law within 40 days after the Partnership begins doing business, within 40 days after any subsequent change in its membership, and before the expiration of any previously filed statement.

3. Purposes - Subject to the limitations set forth in this Agreement, the purposes of the Partnership are to engage in the business of Description; and to conduct other activities as may be necessary or incidental to or desirable in connection with the foregoing.
4. Term:
The Partnership shall commence on the date hereof and shall continue unless dissolved or terminated by one or both General Partners.
5. Capital contribution and distribution of profits and losses:

5.1 Initial Capital Contributions by the General Partners:
Each General Partner shall be required to contribute 50% to the capital of the Partnership, payable on the date hereof, in consideration of such General Partner's interest in the Partnership. General Partners shall establish an operating business checking account. Signatures of both partners are required on all checks and draws.
5.2 Future Capital Contributions by the General Partners:
In the event that the Partnership needs additional capital, each General Partner shall contribute his pro rata portion (50%), if approved by both Partners.
5.3 No Withdrawal of Contributions:
Except upon dissolution and termination of the Partnership as set forth in this Agreement, no General Partner shall have the right to withdraw his contribution to the Partnership.
5.4 Return of Capital:
Except upon dissolution and termination of the Partnership as set forth in this Agreement, there is no agreement for, nor time set for, return of any contribution of any General Partner. To the extent funds are available therefore the General Partners may return said contributions out of operating revenue or out of proceeds of sale or refinancing of Partnership assets, after reserving sufficient funds for continuing operations of business.
5.5 Division of profits and losses shall be made at such time as may be agreed upon by the partners and at the close of each fiscal year. The profits and losses of the partnership shall be divided between the partners equally.

6. Control - The partners shall have exclusive control over the business and each partner shall have equal rights in the management and conduct of the partnership business. Any difference arising as to the ordinary matters connected with the partnership business shall be decided by a third party arbitrator chosen and agreed upon by the partners. Any act beyond the scope of this partnership agreement or any contract that may subject this partnership to liability in excess of one hundred dollars shall be subject to the prior written consent of all of the partners.

7. Disputes - Disputes that would jeopardize the partnership business, contracts, or existing clients and cannot be resolved by the partners within thirty days will be submitted to a mutually agreed upon arbitrator whose decision will be final. Any disagreements or differences that affect the management of the partnership business and would jeopardize new business, contracts, or existing clients and cannot be resolved by the partners within thirty days will be submitted to an arbitration process designed to repair the partnership relationship and solve said differences or disputes.

8. Responsibilities of the General Partners

8.1 Partners shall be required to conduct regular scheduled telephone or in-person meetings as frequently as required for the successful operation of the business, and at least once a week for the first two months of the operation of the business and at least once a month thereafter.

8.2 Partners shall establish reasonable milestones. Each partner shall contribute the amount of time that is necessary for achieving such milestones. Timelines for achieving specific milestones can be further amended if agreed upon by both partners.

9. Non-Competition

9.1 Both partners agree not to engage in any new similar or competing business by themselves or with other people during the life of this Partnership. In the event of resignation of one of the partners from this Partnership, the resigning partner agrees not to engage in any new similar or competing business two years from the day of resignation.

9.2 In the event one or both partners have had similar or competing businesses prior to entering into this Partnership, the future income from such businesses shall become the income of this Partnership six months after the date of launch of the business and shall be distributed according with the normal distribution schedule of this Partnership.

8. Selling out - If a general partner decides to sell their interests in the partnership to the remaining partner, the interests will be valued at the one half the current business equity. No general partner may sell their interests in the partnership business to a third party unless it is mutually agreed to by the general partners. Thirty days written notice of proposed sell out to each general partner by the selling partner is required.

9. Dissolution - In the event of retirement, expulsion, bankruptcy, death, or insanity of a general partner, the remaining partner has the right to continue the business of the partnership under the same name alone or in conjunction with any other persons they select.

IN WITNESS WHEREOF, the parties hereunto set their hands and seals and acknowledged this Agreement as of the date first above written.

Witness __________________________________________________________________

Signatures of the Partners

___________________________________ Date: ________________________________

___________________________________ Date: ________________________________