Simple contract. Any State. This partnership agreement is for 2 partners who are seeking to formalise a partnership that has been going for many years with a new partnership agreement. It assumes a level of 'capital contribution' as declared in the agreement that is set at a percentage that will determine the percentage governing subsequent obligations and benefits derived from the business. (Note: this can be done simply by multiplying the existing equity/capital account in the current balance sheet by the required percentage and calling the resultant amount the 'assumed capital contribution'.) It seeks to keep the relative proportions of profit/loss/contribution/drawing of each partner at that set percentage throughout the life of the partnership. This often happens where an initial contribution, or an invention or a special expertise etc. requires a particular partner to be recognised throughout the life of the partnership. It deals with possible retirement of a partner but has little to say about death except some simple terms for dealing with the executor of the will and trustee of the deceased partner's estate.
L-3096Partne_0.docPartnership agreement for 2 partners who are seeking to formalise a partnership that has been going for many years.
