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GENERAL PARTNERSHIP AGREEMENT
This agreement ("Agreement") establishes a partnership ("Partnership") between the following parties:
and is undersigned and set forth this of , .
The undersigned parties hereby agree to the following provisions as conditions of the Partnership:
SECTION 1--Partnership Outline
1.1 The Partnership will be named , for the purpose of , and will conduct all business at .
SECTION 2--Initial Capital
2.1 Each Partner will contribute original capital according to the following rules: .
2.2 A separate capital account will be maintained for each Partner.
SECTION 3--Interest on Capital
SECTION 4--Shares
Each Partner's shares in the Partnership shall be determined by .
SECTION 5--Accounts/Income
5.1 Each Partner will have an income account in his/her individual name, which shall be separate from the capital account mentioned in Section 2.
SECTION 6--Profits and Losses
6.1 Any profits and/or losses will be distributed and/or debited from a Partner's income account.
6.2 Profits and losses will be distributed and/or debited .
SECTION 7--Banking
Income and capital accounts for each Partner will be set up .
SECTION 8--Books/Accounting
8.1 Accounting books and other records pertinent to the Partnership will be kept at , and any partner and/or his/her representative may have access to the books during normal business hours.
8.2 The accounts for this Partnership will .
SECTION 9--Management
9.1 Partnership will be managed .
9.2 Each partner is expected to devote (description of how much is expected of each Partner with regard to time spent on the Partnership>.
SECTION 10--Disputes/Arbitration
Disputes that cannot be settled by the Partners via a mutual decision-making process will be .
SECTION 11--Partner Withdrawal or Death
11.1 Should a Partner wish to leave the Partnership, .
11.2 Any remaining partner purchase the withdrawing Partner's interest in the Partnership. This process will be governed by the following rules: .
11.4 Partners may mutually agree to remove one or more members if .
SECTION 12--Confidentiality/Non-Compete
12.1 Any information that involves the Partnership, directly or indirectly, shall be considered Confidential. No Partner may share this Confidential Information with any third party without the written consent of all other Partners.
12.2 Should a Partner leave the Partnership, willingly or unwillingly, he/she shall not take any position, nor engage in any activity, at any company, organization, etc. that is deemed a competitor to the Partnership, for a period of .
SECTION 13--Jurisdiction
This Agreement is subject to the laws and regulations of the state of , as well as any applicable federal laws.
We, the undersigned, agree to all the provisions listed above, and sign this document of our own free will.
___________________________ __________________________
Partner Name Partner Name
___________________________ __________________________
Partner Signature Partner Signature
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