Partnership Agreement – Free Legal Form, business partnership agreement.#Business #partnership #agreement

PARTNERSHIP AGREEMENT

  • Professional MS Word & PDF formatting Business partnership agreementBusiness partnership agreement
  • Fully editable & reusable
  • Lifetime updates
  • Accuracy guarantee

This PARTNERSHIP AGREEMENT is made on ____________, 20__ between ________________________________ and ________________________________.

1. NAME AND BUSINESS. The parties hereby form a partnership under the name of ________________________________ to conduct a ________________________________. The principal office of the business shall be in _______________________.

2. TERM. The partnership shall begin on ________________, 20____, and shall continue until terminated as herein provided.

3. CAPITAL. The capital of the partnership shall be contributed in cash by the partners as follows: A separate capital account shall be maintained for each partner. Neither partner shall withdraw any part of his capital account. Upon the demand of either partner, the capital accounts of the partners shall be maintained at all times in the proportions in which the partners share in the profits and losses of the partnership.

4. PROFIT AND LOSS. The net profits of the partnership shall be divided equally between the partners and the net losses shall be borne equally by them. A separate income account shall be maintained for each partner. Partnership profits and losses shall be charged or credited to the separate income account of each partner. If a partner has no credit balance in his income account, losses shall be charged to his capital account.

5. SALARIES AND DRAWINGS. Neither partner shall receive any salary for services rendered to the partnership. Each partner may, from time to time, withdraw the credit balance in his income account.

6. INTEREST. No interest shall be paid on the initial contributions to the capital of the partnership or on any subsequent contributions of capital.

7. MANAGEMENT DUTIES AND RESTRICTIONS. The partners shall have equal rights in the management of the partnership business, and each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business.

8. BANKING. All funds of the partnership shall be deposited in its name in such checking account or accounts as shall be designated by the partners. All withdrawals are to be made upon checks signed by either partner.

9. BOOKS. The partnership books shall be maintained at the principal office of the partnership, and each partner shall at all times have access thereto. The books shall be kept on a fiscal year basis, commencing _____________________ and ending _____________________, and shall be closed and balanced at the end of each fiscal year. An audit shall be made as of the closing date.

10. VOLUNTARY TERMINATION. The partnership may be dissolved at any time by agreement of the partners, in which event the partners shall proceed with reasonable promptness to liquidate the business of the partnership. The partnership name shall be sold with the other assets of the business. The assets of the partnership business shall be used and distributed in the following order: (a) to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations; (b) to equalize the income accounts of the partners; (c) to discharge the balance of the income accounts of the partners; (d) to equalize the capital accounts of the partners; and (e) to discharge the balance of the capital accounts of the partners.

11. DEATH. Upon the death of either partner, the surviving partner shall have the right either to purchase the interest of the decedent in the partnership or to terminate and liquidate the partnership business. If the surviving partner elects to purchase the decedent’s interest, he shall serve notice in writing of such election, within three months after the death of the decedent, upon the executor or administrator of the decedent, or, if at the time of such election no legal representative has been appointed, upon any one of the known legal heirs of the decedent at the last-known address of such heir. (a) If the surviving partner elects to purchase the interest of the decedent in the partnership, the purchase price shall be equal to the decedent’s capital account as at the date of his death plus the decedent’s income account as at the end of the prior fiscal year, increased by his share of partnership profits or decreased by his share of partnership losses for the period from the beginning of the fiscal year in which his death occurred until the end of the calendar month in which his death occurred, and decreased by withdrawals charged to his income account during such period. No allowance shall be made for goodwill, trade name, patents, or other intangible assets, except as those assets have been reflected on the partnership books immediately prior to the decedent’s death; but the survivor shall nevertheless be entitled to use the trade name of the partnership. (b) Except as herein otherwise stated, the procedure as to liquidation and distribution of the assets of the partnership business shall be the same as stated in paragraph 10 with reference to voluntary termination.

12. ARBITRATION. Any controversy or claim arising out of or relating to this Agreement, or the breach hereof, shall be settled by arbitration in accordance with the rules, then obtaining, of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.

Executed this ______________ day of _________________, 20_____ in _____________________ [city], _____________________ [state].





Partnership Agreement – Simple Form – Professional Form, business partnership agreement.#Business #partnership

Partnership Agreement – Simple Form

A simple, standard partnership agreement may be all you need to establish the terms of each partner’s duties and rights. Choose from a professional digital partnership agreement, a free boilerplate form, or find a local business attorney to draft your document. You may also want to see the more comprehensive general partnership agreement.

These digital forms, provided by Nolo, are legally valid in your state, customizable to suit your needs, professionally written, and regularly updated by expert attorneys. Use these if you need to create legal, enforceable contracts.

Business partnership agreement

Free Simple Partnership Agreement Form

The form below is a very basic one, using boilerplate language, and is intended for educational purposes only. It has not been vetted by an expert, or updated. It may not be legally valid.

This PARTNERSHIP AGREEMENT is made on the _____ day of ____________, 20__ between

_________________________________________________, whose address is _________________________________________________ and _________________________________________________, whose address is _________________________________________________.

NAME AND BUSINESS.

The parties hereby form a partnership under the name of ___________________ to conduct the business of _________________________________________________.

The principal office of the business shall be at _________________________________________________.

The partnership shall begin on the _____ day of ____________, 20__, and shall continue until terminated as herein provided.

The capital of the partnership shall be contributed in cash by the partners as follows:

A separate capital account shall be maintained for each partner. Neither partner shall withdraw any part of his capital account. Upon the demand of either partner, the capital accounts of the partners shall be maintained at all times in the proportions in which the partners share in the profits and losses of the partnership.

PROFIT AND LOSS.

The net profits of the partnership shall be divided equally between the partners and the net losses shall be borne equally by them. A separate income account shall be maintained for each partner. Partnership profits and losses shall be charged or credited to the separate income account of each partner. If a partner has no credit balance in his income account, losses shall be charged to his capital account.

SALARIES AND DRAWINGS.

Neither partner shall receive any salary for services rendered to the partnership. Each partner may, from time to time, withdraw the credit balance in his income account.

No interest shall be paid on the initial contributions to the capital of the partnership or on any subsequent contributions of capital.

MANAGEMENT DUTIES AND RESTRICTIONS.

The partners shall have equal rights in the management of the partnership business, and each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business.

All funds of the partnership shall be deposited in its name in such checking account or accounts as shall be designated by the partners. All withdrawals therefrom are to be made upon checks signed by either partner.

The partnership books shall be maintained at the principal office of the partnership, and each partner shall at all times have access thereto. The books shall be kept on a fiscal year basis, commencing on the _____ day of ____________ and ending on the _____ day of ____________, and shall be closed and balanced at the end of each fiscal year. An audit shall be made as of the closing date.

The partnership may be dissolved at any time by agreement of the partners, in which event the partners shall proceed with reasonable promptness to liquidate the business of the partnership. The partnership name shall be sold with the other assets of the business. The assets of the partnership business shall be used and distributed in the following order:

(a) to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations;

(b) to equalize the income accounts of the partners;

(c) to discharge the balance of the income accounts of the partners;

(d) to equalize the capital accounts of the partners; and

(e) to discharge the balance of the capital accounts of the partners.

Upon the death of either partner, the surviving partner shall have the right either to purchase the interest of the decedent in the partnership or to terminate and liquidate the partnership business. If the surviving partner elects to purchase the decedent’s interest, he shall serve notice in writing of such election, within three months after the death of the decedent, upon the executor or administrator of the decedent, or, if at the time of such election no legal representative has been appointed, upon any one of the known legal heirs of the decedent at the last-known address of such heir.

If the surviving partner elects to purchase the interest of the decedent in the partnership, the purchase price shall be equal to the decedent’s capital account as at the date of his death plus the decedent’s income account as at the end of the prior fiscal year, increased by his share of partnership profits or decreased by his share of partnership losses for the period from the beginning of the fiscal year in which his death occurred until the end of the calendar month in which his death occurred, and decreased by withdrawals charged to his income account during such period. No allowance shall be made for goodwill, trade name, patents, or other intangible assets, except as those assets have been reflected on the partnership books immediately prior to the decedent’s death; but the survivor shall nevertheless be entitled to use the trade name of the partnership.

Except as herein otherwise stated, the procedure as to liquidation and distribution of the assets of the partnership business shall be the same as stated in the section regarding VOLUNTARY TERMINATION.

Any controversy or claim arising out of or relating to this Agreement, or the breach hereof, shall be settled by arbitration in accordance with the rules, then obtaining, of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.

In witness whereof the parties have signed this Agreement.

Executed this _____ day of ____________, 20__.

Warning: These free forms are provided AS IS. They may not be legal or accurate. They are for informational purposes only, and you should consult an attorney before using them.





Partnership Agreement – Free Legal Form, business partnership agreement.#Business #partnership #agreement

PARTNERSHIP AGREEMENT

  • Professional MS Word & PDF formatting Business partnership agreementBusiness partnership agreement
  • Fully editable & reusable
  • Lifetime updates
  • Accuracy guarantee

This PARTNERSHIP AGREEMENT is made on ____________, 20__ between ________________________________ and ________________________________.

1. NAME AND BUSINESS. The parties hereby form a partnership under the name of ________________________________ to conduct a ________________________________. The principal office of the business shall be in _______________________.

2. TERM. The partnership shall begin on ________________, 20____, and shall continue until terminated as herein provided.

3. CAPITAL. The capital of the partnership shall be contributed in cash by the partners as follows: A separate capital account shall be maintained for each partner. Neither partner shall withdraw any part of his capital account. Upon the demand of either partner, the capital accounts of the partners shall be maintained at all times in the proportions in which the partners share in the profits and losses of the partnership.

4. PROFIT AND LOSS. The net profits of the partnership shall be divided equally between the partners and the net losses shall be borne equally by them. A separate income account shall be maintained for each partner. Partnership profits and losses shall be charged or credited to the separate income account of each partner. If a partner has no credit balance in his income account, losses shall be charged to his capital account.

5. SALARIES AND DRAWINGS. Neither partner shall receive any salary for services rendered to the partnership. Each partner may, from time to time, withdraw the credit balance in his income account.

6. INTEREST. No interest shall be paid on the initial contributions to the capital of the partnership or on any subsequent contributions of capital.

7. MANAGEMENT DUTIES AND RESTRICTIONS. The partners shall have equal rights in the management of the partnership business, and each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business.

8. BANKING. All funds of the partnership shall be deposited in its name in such checking account or accounts as shall be designated by the partners. All withdrawals are to be made upon checks signed by either partner.

9. BOOKS. The partnership books shall be maintained at the principal office of the partnership, and each partner shall at all times have access thereto. The books shall be kept on a fiscal year basis, commencing _____________________ and ending _____________________, and shall be closed and balanced at the end of each fiscal year. An audit shall be made as of the closing date.

10. VOLUNTARY TERMINATION. The partnership may be dissolved at any time by agreement of the partners, in which event the partners shall proceed with reasonable promptness to liquidate the business of the partnership. The partnership name shall be sold with the other assets of the business. The assets of the partnership business shall be used and distributed in the following order: (a) to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations; (b) to equalize the income accounts of the partners; (c) to discharge the balance of the income accounts of the partners; (d) to equalize the capital accounts of the partners; and (e) to discharge the balance of the capital accounts of the partners.

11. DEATH. Upon the death of either partner, the surviving partner shall have the right either to purchase the interest of the decedent in the partnership or to terminate and liquidate the partnership business. If the surviving partner elects to purchase the decedent’s interest, he shall serve notice in writing of such election, within three months after the death of the decedent, upon the executor or administrator of the decedent, or, if at the time of such election no legal representative has been appointed, upon any one of the known legal heirs of the decedent at the last-known address of such heir. (a) If the surviving partner elects to purchase the interest of the decedent in the partnership, the purchase price shall be equal to the decedent’s capital account as at the date of his death plus the decedent’s income account as at the end of the prior fiscal year, increased by his share of partnership profits or decreased by his share of partnership losses for the period from the beginning of the fiscal year in which his death occurred until the end of the calendar month in which his death occurred, and decreased by withdrawals charged to his income account during such period. No allowance shall be made for goodwill, trade name, patents, or other intangible assets, except as those assets have been reflected on the partnership books immediately prior to the decedent’s death; but the survivor shall nevertheless be entitled to use the trade name of the partnership. (b) Except as herein otherwise stated, the procedure as to liquidation and distribution of the assets of the partnership business shall be the same as stated in paragraph 10 with reference to voluntary termination.

12. ARBITRATION. Any controversy or claim arising out of or relating to this Agreement, or the breach hereof, shall be settled by arbitration in accordance with the rules, then obtaining, of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.

Executed this ______________ day of _________________, 20_____ in _____________________ [city], _____________________ [state].





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Partnership Agreement – Simple Form – Professional Form, business partnership agreement.#Business #partnership

Partnership Agreement – Simple Form

A simple, standard partnership agreement may be all you need to establish the terms of each partner’s duties and rights. Choose from a professional digital partnership agreement, a free boilerplate form, or find a local business attorney to draft your document. You may also want to see the more comprehensive general partnership agreement.

These digital forms, provided by Nolo, are legally valid in your state, customizable to suit your needs, professionally written, and regularly updated by expert attorneys. Use these if you need to create legal, enforceable contracts.

Business partnership agreement

Free Simple Partnership Agreement Form

The form below is a very basic one, using boilerplate language, and is intended for educational purposes only. It has not been vetted by an expert, or updated. It may not be legally valid.

This PARTNERSHIP AGREEMENT is made on the _____ day of ____________, 20__ between

_________________________________________________, whose address is _________________________________________________ and _________________________________________________, whose address is _________________________________________________.

NAME AND BUSINESS.

The parties hereby form a partnership under the name of ___________________ to conduct the business of _________________________________________________.

The principal office of the business shall be at _________________________________________________.

The partnership shall begin on the _____ day of ____________, 20__, and shall continue until terminated as herein provided.

The capital of the partnership shall be contributed in cash by the partners as follows:

A separate capital account shall be maintained for each partner. Neither partner shall withdraw any part of his capital account. Upon the demand of either partner, the capital accounts of the partners shall be maintained at all times in the proportions in which the partners share in the profits and losses of the partnership.

PROFIT AND LOSS.

The net profits of the partnership shall be divided equally between the partners and the net losses shall be borne equally by them. A separate income account shall be maintained for each partner. Partnership profits and losses shall be charged or credited to the separate income account of each partner. If a partner has no credit balance in his income account, losses shall be charged to his capital account.

SALARIES AND DRAWINGS.

Neither partner shall receive any salary for services rendered to the partnership. Each partner may, from time to time, withdraw the credit balance in his income account.

No interest shall be paid on the initial contributions to the capital of the partnership or on any subsequent contributions of capital.

MANAGEMENT DUTIES AND RESTRICTIONS.

The partners shall have equal rights in the management of the partnership business, and each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business.

All funds of the partnership shall be deposited in its name in such checking account or accounts as shall be designated by the partners. All withdrawals therefrom are to be made upon checks signed by either partner.

The partnership books shall be maintained at the principal office of the partnership, and each partner shall at all times have access thereto. The books shall be kept on a fiscal year basis, commencing on the _____ day of ____________ and ending on the _____ day of ____________, and shall be closed and balanced at the end of each fiscal year. An audit shall be made as of the closing date.

The partnership may be dissolved at any time by agreement of the partners, in which event the partners shall proceed with reasonable promptness to liquidate the business of the partnership. The partnership name shall be sold with the other assets of the business. The assets of the partnership business shall be used and distributed in the following order:

(a) to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations;

(b) to equalize the income accounts of the partners;

(c) to discharge the balance of the income accounts of the partners;

(d) to equalize the capital accounts of the partners; and

(e) to discharge the balance of the capital accounts of the partners.

Upon the death of either partner, the surviving partner shall have the right either to purchase the interest of the decedent in the partnership or to terminate and liquidate the partnership business. If the surviving partner elects to purchase the decedent’s interest, he shall serve notice in writing of such election, within three months after the death of the decedent, upon the executor or administrator of the decedent, or, if at the time of such election no legal representative has been appointed, upon any one of the known legal heirs of the decedent at the last-known address of such heir.

If the surviving partner elects to purchase the interest of the decedent in the partnership, the purchase price shall be equal to the decedent’s capital account as at the date of his death plus the decedent’s income account as at the end of the prior fiscal year, increased by his share of partnership profits or decreased by his share of partnership losses for the period from the beginning of the fiscal year in which his death occurred until the end of the calendar month in which his death occurred, and decreased by withdrawals charged to his income account during such period. No allowance shall be made for goodwill, trade name, patents, or other intangible assets, except as those assets have been reflected on the partnership books immediately prior to the decedent’s death; but the survivor shall nevertheless be entitled to use the trade name of the partnership.

Except as herein otherwise stated, the procedure as to liquidation and distribution of the assets of the partnership business shall be the same as stated in the section regarding VOLUNTARY TERMINATION.

Any controversy or claim arising out of or relating to this Agreement, or the breach hereof, shall be settled by arbitration in accordance with the rules, then obtaining, of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.

In witness whereof the parties have signed this Agreement.

Executed this _____ day of ____________, 20__.

Warning: These free forms are provided AS IS. They may not be legal or accurate. They are for informational purposes only, and you should consult an attorney before using them.





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Partnership Agreement – Free Legal Form, business partnership agreement.#Business #partnership #agreement

PARTNERSHIP AGREEMENT

  • Professional MS Word & PDF formatting Business partnership agreementBusiness partnership agreement
  • Fully editable & reusable
  • Lifetime updates
  • Accuracy guarantee

This PARTNERSHIP AGREEMENT is made on ____________, 20__ between ________________________________ and ________________________________.

1. NAME AND BUSINESS. The parties hereby form a partnership under the name of ________________________________ to conduct a ________________________________. The principal office of the business shall be in _______________________.

2. TERM. The partnership shall begin on ________________, 20____, and shall continue until terminated as herein provided.

3. CAPITAL. The capital of the partnership shall be contributed in cash by the partners as follows: A separate capital account shall be maintained for each partner. Neither partner shall withdraw any part of his capital account. Upon the demand of either partner, the capital accounts of the partners shall be maintained at all times in the proportions in which the partners share in the profits and losses of the partnership.

4. PROFIT AND LOSS. The net profits of the partnership shall be divided equally between the partners and the net losses shall be borne equally by them. A separate income account shall be maintained for each partner. Partnership profits and losses shall be charged or credited to the separate income account of each partner. If a partner has no credit balance in his income account, losses shall be charged to his capital account.

5. SALARIES AND DRAWINGS. Neither partner shall receive any salary for services rendered to the partnership. Each partner may, from time to time, withdraw the credit balance in his income account.

6. INTEREST. No interest shall be paid on the initial contributions to the capital of the partnership or on any subsequent contributions of capital.

7. MANAGEMENT DUTIES AND RESTRICTIONS. The partners shall have equal rights in the management of the partnership business, and each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business.

8. BANKING. All funds of the partnership shall be deposited in its name in such checking account or accounts as shall be designated by the partners. All withdrawals are to be made upon checks signed by either partner.

9. BOOKS. The partnership books shall be maintained at the principal office of the partnership, and each partner shall at all times have access thereto. The books shall be kept on a fiscal year basis, commencing _____________________ and ending _____________________, and shall be closed and balanced at the end of each fiscal year. An audit shall be made as of the closing date.

10. VOLUNTARY TERMINATION. The partnership may be dissolved at any time by agreement of the partners, in which event the partners shall proceed with reasonable promptness to liquidate the business of the partnership. The partnership name shall be sold with the other assets of the business. The assets of the partnership business shall be used and distributed in the following order: (a) to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations; (b) to equalize the income accounts of the partners; (c) to discharge the balance of the income accounts of the partners; (d) to equalize the capital accounts of the partners; and (e) to discharge the balance of the capital accounts of the partners.

11. DEATH. Upon the death of either partner, the surviving partner shall have the right either to purchase the interest of the decedent in the partnership or to terminate and liquidate the partnership business. If the surviving partner elects to purchase the decedent’s interest, he shall serve notice in writing of such election, within three months after the death of the decedent, upon the executor or administrator of the decedent, or, if at the time of such election no legal representative has been appointed, upon any one of the known legal heirs of the decedent at the last-known address of such heir. (a) If the surviving partner elects to purchase the interest of the decedent in the partnership, the purchase price shall be equal to the decedent’s capital account as at the date of his death plus the decedent’s income account as at the end of the prior fiscal year, increased by his share of partnership profits or decreased by his share of partnership losses for the period from the beginning of the fiscal year in which his death occurred until the end of the calendar month in which his death occurred, and decreased by withdrawals charged to his income account during such period. No allowance shall be made for goodwill, trade name, patents, or other intangible assets, except as those assets have been reflected on the partnership books immediately prior to the decedent’s death; but the survivor shall nevertheless be entitled to use the trade name of the partnership. (b) Except as herein otherwise stated, the procedure as to liquidation and distribution of the assets of the partnership business shall be the same as stated in paragraph 10 with reference to voluntary termination.

12. ARBITRATION. Any controversy or claim arising out of or relating to this Agreement, or the breach hereof, shall be settled by arbitration in accordance with the rules, then obtaining, of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.

Executed this ______________ day of _________________, 20_____ in _____________________ [city], _____________________ [state].





General Partnership, business partnership agreement.#Business #partnership #agreement

business partnership agreement

Business partnership agreementBusiness partnership agreement

A general partnership (or simply partnership) is an association of two or more people carrying on a business with the goal of earning a profit. A partnership is viewed as being one and the same as its owners. There is little formality involved in creating a partnership. In fact, if someone can establish that you are in business with somebody else, then there is a general partnership. The intention or lack thereof of having a formal partnership is not important.

Existence of a Partnership

Rules for determining the existence of a partnership are outlined in Part II of the Uniform Partnership Act (UPA). Some of these rules are summarized as follows:

1. Joint tenancy, common property, part ownership, etc. does not by itself establish a partnership, regardless of whether the owners of the property share any profits from it. Three ways to jointly own property are:

Tenants in common – when one dies, one’s portion of the partnership is transferred to one’s heirs.

Joint tenancy – right of survivorship – when one dies, the entire interest goes to the other person.

Tenancy by entirety – for example, a husband and wife. Each tenant owns by whole and by part. If a third party has a claim against the husband, the claimant cannot go after the property since it belongs wholly to the wife as well. For this reason, banks often require both the husband and the wife to sign a loan.

A person may be considered a partner even if not formally included in the partnership. This is known as partnership by estoppel. “Estoppel” means that one is not permitted to deny. In the context of partnerships, it means that a person cannot deny being a partner if he permits the partnership use his name. Take for example, a situation in which partner A and partner B start a business and offer non-partner C a profit interest in the company if they can use C’s name in the business. If a bank lends money to the partnership and the partnership becomes insolvent, C would be considered a partner and could be held liable.

Like a sole proprietorship, a partnership has only one level of taxation. A partnership is a tax-reporting entity, not a tax-paying entity. Profits pass through to the owners and are divided in accordance with what is specified in the partnership agreement. There are no restrictions on how profits are allocated among partners as long as there is economic reason, so there is latitude in allocating income according to which partners have the best tax rates.

While pass-through taxation is an advantage, owners of a partnership have unlimited personal liability. In general, each partner in a partnership is jointly liable for the partnership’s obligations. Joint liability means that the partners can be sued as a group. Several liability means that the partners are individually liable. In some states, each partner is both jointly and severally liable for the damages resulting from the wrongdoing of other partners, and for the debts and obligations of the partnership.

Three rules for liability in a partnership are:

  1. Every partner is liable for his or her own actions.
  2. Every partner is liable for the actions of the other partners.
  3. Every partner is liable for the actions of the employees of the business.

As an example to illustrate liability in a partnership, suppose there is a partnership formed by partners A, B, and C. If partner A accidentally runs over somebody while driving on a personal trip to the grocery store one weekend, then A alone has unlimited personal liability. If partner A accidentally runs over somebody while making a delivery for the partnership, then A still has unlimited personal liability, but all three partners would be jointly and severally liable. If the victim wins a judgement of $1 million against the partnership, and only partner B has the money, then B would have to pay the judgement. Partner B could assert a right of contribution against partner A, but if A has no money it would not be worth the effort. If an employee of the partnership, employee E, accidentally runs over somebody during the course of work, then the partnership is liable since the employer is responsible for the actions of an employee within the scope of business. If the accident happened while the employee stopped for something personal, then the employer would not be responsible (frolic and detour).

Risk and Control

Absent an agreement to the contrary, UPA gives partners equal voting rights, even if they contributed different amounts of capital. Squeeze-outs are a common issue in partnerships.

Expense and formality

As in the case of a sole proprietorship, if the partnership chooses a ficticious name (different from the names of the partners), it is required to file that name with the state.

Fiduciary Duty in a Partnership

Partners owe both a contractual duty and a fiduciary duty to one another. According to Black’s Law Dictionary, a fiduciary duty is the duty to act for someone else’s benefit while subordinating one’s personal interests to those of the other person. These days however, many operating agreements waive the fiduciary duty so that one can pursue other opportunities that may come along.

Salmon wanted to lease some property in New York. The lease was to run from 1902 to 1922. He formed a partnership with Meinhard who put up 50% of the money. Salmon would be the active manager and would pay Meinhard 40% of the profits for the first five years, and 50% thereafter. In 1922 the lease was up for renewal and the owner of the property, speaking only with Salmon, offered to make some adjacent property available. Salmon signed a lease for the property on behalf of his own firm, Midpoint Realty Company, of which Meinhard was not an owner. Salmon had not told Meinhard anything about the new lease or even the possibility of a new project.

Meinhard claimed that Salmon had a fiduciary duty to provide him the opportunity to participate in the deal.

The court ruled in favor of Meinhard.

The new deal was an extension of the old one. While Salmon did not act in bad faith, he had a fiduciary duty to Meinhard.

As one person put it, a partnership is just like a marriage.

Issues to Address when Forming a Partnership

To reduce the chances of disputes among the partners, a written partnership agreement always should be drawn up before going into business as a partnership.

The Revised Uniform Partnership Act (RUPA) was issued in 1994. It is a revision of the original Uniform Partnership Act that dates back to 1914. UPA is interstitial; it fills in the gaps in the specific partnership agreement.

Issues to address in forming a general partnership:

Amount of capital contributed by each person, and if more is needed at a later date, who contributes it, and any limitations to someone’s maximum contribution.

Rights and responsibilities of each partner.

Division of profits among the partners.

Distribution of assets upon dissolution of the company. If one partner wakes up one day and wants out, the partnership dissolves. But liquidation would destroy the value of the business, so the partnership agreement should provide rules for a partner’s exit. One partner can transfer a profit interest to an external party, but not control. Some options for distribution of assets include:

Right of first refusal – a provision that requires the departing partner to allow the remaining partners to buy his or her share of the business at the same price of a bona fide external offer.

Right of first offer – since the time delay associated with giving existing partners the right of first refusal may discourage external parties’ interest in bidding, the right of first offer may be used instead. The right of first offer is a provision that requires the departing partner to offer to sell his or her share of the business to the other partners before offering it externally.

Dutch auction – a provision in which one partner offers to sell to the other partner at a particular price. If the other partner refuses, the first partner must buy the other partners share at that price. This arrangement provides strong incentive for a fair asking price. Note that the term Dutch auction has other meanings as well – it also refers to both a descending price auction and to an auction in which several identical items are auctioned and all successful bidders pay the either the price of the lowest successful bidder or their bid prices, depending on the specific auction rules.

Third party arbitrator – an outside party sets the price.

Business partnership agreement

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Partnership Agreement – Free Legal Form, business partnership agreement.#Business #partnership #agreement

PARTNERSHIP AGREEMENT

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This PARTNERSHIP AGREEMENT is made on ____________, 20__ between ________________________________ and ________________________________.

1. NAME AND BUSINESS. The parties hereby form a partnership under the name of ________________________________ to conduct a ________________________________. The principal office of the business shall be in _______________________.

2. TERM. The partnership shall begin on ________________, 20____, and shall continue until terminated as herein provided.

3. CAPITAL. The capital of the partnership shall be contributed in cash by the partners as follows: A separate capital account shall be maintained for each partner. Neither partner shall withdraw any part of his capital account. Upon the demand of either partner, the capital accounts of the partners shall be maintained at all times in the proportions in which the partners share in the profits and losses of the partnership.

4. PROFIT AND LOSS. The net profits of the partnership shall be divided equally between the partners and the net losses shall be borne equally by them. A separate income account shall be maintained for each partner. Partnership profits and losses shall be charged or credited to the separate income account of each partner. If a partner has no credit balance in his income account, losses shall be charged to his capital account.

5. SALARIES AND DRAWINGS. Neither partner shall receive any salary for services rendered to the partnership. Each partner may, from time to time, withdraw the credit balance in his income account.

6. INTEREST. No interest shall be paid on the initial contributions to the capital of the partnership or on any subsequent contributions of capital.

7. MANAGEMENT DUTIES AND RESTRICTIONS. The partners shall have equal rights in the management of the partnership business, and each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business.

8. BANKING. All funds of the partnership shall be deposited in its name in such checking account or accounts as shall be designated by the partners. All withdrawals are to be made upon checks signed by either partner.

9. BOOKS. The partnership books shall be maintained at the principal office of the partnership, and each partner shall at all times have access thereto. The books shall be kept on a fiscal year basis, commencing _____________________ and ending _____________________, and shall be closed and balanced at the end of each fiscal year. An audit shall be made as of the closing date.

10. VOLUNTARY TERMINATION. The partnership may be dissolved at any time by agreement of the partners, in which event the partners shall proceed with reasonable promptness to liquidate the business of the partnership. The partnership name shall be sold with the other assets of the business. The assets of the partnership business shall be used and distributed in the following order: (a) to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations; (b) to equalize the income accounts of the partners; (c) to discharge the balance of the income accounts of the partners; (d) to equalize the capital accounts of the partners; and (e) to discharge the balance of the capital accounts of the partners.

11. DEATH. Upon the death of either partner, the surviving partner shall have the right either to purchase the interest of the decedent in the partnership or to terminate and liquidate the partnership business. If the surviving partner elects to purchase the decedent’s interest, he shall serve notice in writing of such election, within three months after the death of the decedent, upon the executor or administrator of the decedent, or, if at the time of such election no legal representative has been appointed, upon any one of the known legal heirs of the decedent at the last-known address of such heir. (a) If the surviving partner elects to purchase the interest of the decedent in the partnership, the purchase price shall be equal to the decedent’s capital account as at the date of his death plus the decedent’s income account as at the end of the prior fiscal year, increased by his share of partnership profits or decreased by his share of partnership losses for the period from the beginning of the fiscal year in which his death occurred until the end of the calendar month in which his death occurred, and decreased by withdrawals charged to his income account during such period. No allowance shall be made for goodwill, trade name, patents, or other intangible assets, except as those assets have been reflected on the partnership books immediately prior to the decedent’s death; but the survivor shall nevertheless be entitled to use the trade name of the partnership. (b) Except as herein otherwise stated, the procedure as to liquidation and distribution of the assets of the partnership business shall be the same as stated in paragraph 10 with reference to voluntary termination.

12. ARBITRATION. Any controversy or claim arising out of or relating to this Agreement, or the breach hereof, shall be settled by arbitration in accordance with the rules, then obtaining, of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.

Executed this ______________ day of _________________, 20_____ in _____________________ [city], _____________________ [state].





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Partnership Agreement Vs. Joint Ventures

Business partnership agreement

A partnership agreement may be an oral contract sealed with a handshake.

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Related Articles

  • 1 [Joint Venture] | What Is the Difference Between a Joint Venture a Partnership Agreement?
  • 2 [Venture Partnership] | What Is a Joint Venture Partnership?
  • 3 [Operating Agreement] | What Is a Joint Operating Agreement?
  • 4 [Joint Venture] | What Is the Difference Between a Joint Venture Strategic Alliance?

When two or more individuals, groups, companies or corporations decide to jointly participate in business activities, they may enter into a partnership. Partnerships are governed by partnership agreements. Joint ventures are special types of partnership, and a joint venture agreement should cover additional factors not necessarily needed in a partnership agreement.

Partnership

A partnership involves two or more individuals, groups, companies or corporations. Each partner participates in business operations and is liable for company actions. Business debts and profits pass through to the partners. In a general partnership each partner is individually liable for the company s actions and debts. In a limited partnership the general partner is the managing partner with full responsibility and liability for the company s actions while the limited partner has limited liability and usually only provides capital and shares in the profit without participating in management of the business.

Joint Ventures

Joint ventures are typically short-term partnerships between two or more individuals, groups, companies or corporations. Entities usually engage in joint ventures for a single purpose, such as to access new markets or to share costs. Once established, a joint venture can structure its business as a general partnership; a limited partnership; a corporation, which is treated as an individual with its own assets, liabilities and taxes; or a limited liability company, which limits partner liability and allows pass through of profits. The governing laws for joint ventures depend on the scope of the partnership and the type of structure established to conduct business.

Partnership Agreement Defined

The Uniform Partnership Act, adopted by many states as the governing partnership law, defines a partnership agreement as the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement. The partnership agreement is the contract that governs the behavior and actions of the partners in regards to the business. However, state law prevents the contract from eliminating certain duties of the partners. For example, the agreement cannot eliminate a partner s liability for actions of the company.

Partnership Agreement Basics

Partnership agreements are important because each partner can be held completely liable for the company s actions and can unilaterally make business decisions without the consent of other partners unless otherwise stipulated by the partnership agreement. The partnership agreement should outline distribution of shares, responsibilities and authority of each partner as well as make provisions for the termination or dissolution of the partnership.

Joint Venture Agreement

In addition to establishing the financial and managerial structure and providing for the dissolution of the partnership, a joint venture should outline the purpose of the joint venture as the partnership is formed to meet a specific business objective.

References (6)

About the Author

Michele Jensen started writing professionally for businesses in 1999. Her writings include articles for eHow, Answerbag and COD, marketing materials and project-related documentation. She received her Bachelor of Science degree in electrical engineering from the University of Houston and a Master of Science degree in international relations from Troy State University.





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Whether you run a business out of your home or a big skyscraper, using written agreements is critical to protect yourself and to keep growing. Our Business Contract will help you outline the terms and get you started on the right foot.

Use the Business Contract document if:

  • Your business plans to buy or sell physical products from another business.
  • Your business will provide a service or receive a service from another business.
  • You are an individual or independent contractor who wants to make a formal business agreement.

You need more than a handshake. Make sure it’s a done deal with a professional Business Contract. When it’s in writing, it’s easier to prevent miscommunication because the details of your agreement are clearly outlined. A Business Contract also makes it easier to get paid by laying out specific terms around when the project is complete, what must be delivered, and when payment is due. Our Business Contract can be used by the buyer or seller of a product or service. For a product, you can include important details like the date of the order, acceptance and delivery requirements, quantities ordered, warranties, and payment details. If you’re offering or receiving a service, you can use the Business Contract to specify dates of performance, the scope of work, and payment terms.

Other names for this document:Business Contract Template, Business Contract Agreement

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Partnership Agreement

Document Overview

Have you recently formed a Partnership? It is important to have a Partnership Agreement between you and your partners to set the business conduct of the Partnership. A Partnership Agreement is necessary as a foundation of your business partnership, ensuring that your interests, and that of your partners, are aligned and protected. Apart from reflecting clearly what business terms the partners agree on, a Partnership Agreement also provides guidance to mediate any disputes that may arise.

Use this Partnership Agreement if:

  • You are entering into a Partnership and will like to lay down the rules of the Partnership.

What does the Partnership Agreement cover?

  • Partnership name and business address;
  • Names of the partners;
  • Effective date of agreement, and commencement of Partnership;
  • Maintenance of the Partnership account;
  • Duties and limitations of each partner;
  • Sharing of capital and property, profit or losses;
  • Operation of partner s shares;
  • Rules governing dissolution of the Partnership;
  • Terms concerning retirement, death, or expulsion of a partner; and
  • Dispute resolution.

Other names for Partnership Agreement include:

  • Partner Agreement; and
  • Partnership Contract.
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Whether you run a business out of your home or a big skyscraper, using written agreements is critical to protect yourself and to keep growing. Our Business Contract will help you outline the terms and get you started on the right foot.

Use the Business Contract document if:

  • Your business plans to buy or sell physical products from another business.
  • Your business will provide a service or receive a service from another business.
  • You are an individual or independent contractor who wants to make a formal business agreement.

You need more than a handshake. Make sure it’s a done deal with a professional Business Contract. When it’s in writing, it’s easier to prevent miscommunication because the details of your agreement are clearly outlined. A Business Contract also makes it easier to get paid by laying out specific terms around when the project is complete, what must be delivered, and when payment is due. Our Business Contract can be used by the buyer or seller of a product or service. For a product, you can include important details like the date of the order, acceptance and delivery requirements, quantities ordered, warranties, and payment details. If you’re offering or receiving a service, you can use the Business Contract to specify dates of performance, the scope of work, and payment terms.

Other names for this document:Business Contract Template, Business Contract Agreement

View Sample

Sample Business Contract

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Business Partnership Agreement Pdf – Motorhomes Rent Choice #online #business #cards

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business partnership agreement pdf

Business Partnership Agreement Pdf

Partnership Agreement Template – Download Now. Simply fill-in the blanks and print in minutes! Instant Access to 1,800+ business and legal forms. Download samples Everything you ever wanted to know about writing a partnership agreement. If you are currently involved in a partnership, or are thinking about starting up aDuquesne University Small Business Development Center Sample Partnership Agreement. THIS AGREEMENT is made and entered into at _____, this Download Sample Partnership Agreement Templates for free. Try printable samples, formats charts for PDF, Word, Excel.How to Write a Partnership Agreement. When you start a small business partnership, you should take time to write a partnership agreement. Outlining the details of the FindLegalForms lawyer drafted Business Partnership Forms. For download and use in all states. Forms that are safe to use and informative. Try Now.Download and create your own document with Partnership Agreement (DOC, 42 KB/PDF, 48 KB) for free. We also offer you a preview of PDF files.PARTNERSHIP AGREEMENT. This PARTNERSHIP AGREEMENT is made on _____, 20__ between _____ andReimbursements for Business Expenses paid by the owners of the business (sample clause): Reimbursement For Partnership Expenses. Each partner shall be entitled to Professional Partnership Agreement available for immediate download,Business partnerships can be an enjoyable, profitable and enduring form of a business relationship.

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Business Contract Basics

Whether you run a business out of your home or a big skyscraper, using written agreements is critical to protect yourself and to keep growing. Our Business Contract will help you outline the terms and get you started on the right foot.

Use the Business Contract document if:

  • Your business plans to buy or sell physical products from another business.
  • Your business will provide a service or receive a service from another business.
  • You are an individual or independent contractor who wants to make a formal business agreement.

You need more than a handshake. Make sure it’s a done deal with a professional Business Contract. When it’s in writing, it’s easier to prevent miscommunication because the details of your agreement are clearly outlined. A Business Contract also makes it easier to get paid by laying out specific terms around when the project is complete, what must be delivered, and when payment is due. Our Business Contract can be used by the buyer or seller of a product or service. For a product, you can include important details like the date of the order, acceptance and delivery requirements, quantities ordered, warranties, and payment details. If you’re offering or receiving a service, you can use the Business Contract to specify dates of performance, the scope of work, and payment terms.

Other names for this document:Business Contract Template, Business Contract Agreement

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Whether you run a business out of your home or a big skyscraper, using written agreements is critical to protect yourself and to keep growing. Our Business Contract will help you outline the terms and get you started on the right foot.

Use the Business Contract document if:

  • Your business plans to buy or sell physical products from another business.
  • Your business will provide a service or receive a service from another business.
  • You are an individual or independent contractor who wants to make a formal business agreement.

You need more than a handshake. Make sure it’s a done deal with a professional Business Contract. When it’s in writing, it’s easier to prevent miscommunication because the details of your agreement are clearly outlined. A Business Contract also makes it easier to get paid by laying out specific terms around when the project is complete, what must be delivered, and when payment is due. Our Business Contract can be used by the buyer or seller of a product or service. For a product, you can include important details like the date of the order, acceptance and delivery requirements, quantities ordered, warranties, and payment details. If you’re offering or receiving a service, you can use the Business Contract to specify dates of performance, the scope of work, and payment terms.

Other names for this document:Business Contract Template, Business Contract Agreement

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AGREEMENT TO SELL BUSINESS

Agreement made this _________day of _________, 20__ by and between ____________________ and _____________________ (doing business as _____________________) of ________________________ ____________________ (hereinafter referred to as Seller ) and ________________________________ (hereinafter referred to as the Buyer ).

Whereas the Seller desires to sell and the Buyer desires to buy the business of a certain _______________________ now being operated at ____________________________ and known as ______________________ and all assets thereof as contained in Schedule A attached hereto, the parties hereto agree and covenant as follows:

1. The total purchase price for all fixtures, furnishings and equipment is $___________ Dollars payable as follows: (a) $____________ paid in cash; certified or bank checks, as a deposit upon execution of this Agreement, to be held by ________________________. (b) $___________ additional to be paid in cash, certified or bank checks, at the time of passing papers. (c) $_________ to be paid by a note of the Buyer to the Seller, bearing interest at the rate of _____ percent per annum with an option of the Buyer to prepay the entire outstanding obligation without penalty. Said note shall be secured by a chattel mortgage and financing statement covering the property to be sold hereunder, together with any and all other property acquired during the term of said note and placed in or within the premises known as __________________________ ____________________.

2. The property to be sold hereunder shall be conveyed by a standard form Bill of Sale . duly executed by the Seller.

3. The Seller promises and agrees to convey good, clear, and marketable title to all the property to be sold hereunder, the same to be free and clear of all liens and encumbrances. Full possession of said property will be delivered in the same condition that it is now, reasonable wear and tear expected.

4. Consummation of the sale, with payment by the Buyer of the balance of the down payment and the delivery by the Seller of a Bill of Sale, will take place on or before ______________, 20__.

5. The Seller may use the purchase money, or any portion thereof, to clear any encumbrances on the property transferred and in the event that documents reflecting discharge of said encumbrances are not available at the time of sale, the money needed to effectuate such discharges shall be held by the attorneys of the Buyer and Seller in escrow pending the discharges.

6. Until the delivery of the Bill of Sale, the Seller shall maintain insurance on said property in the amount that is presently insured.

7. Operating expenses of _____________________ including but not limited to rent, taxes, payroll and water shall be apportioned as of the date of the passing of papers and the net amount thereof shall be added to or deducted from, as the case may be, the proceeds due from the Buyer at the time of delivery of the Bill of Sale.

8. If the Buyer fails to fulfill his obligations herein, all deposits made hereunder by the Buyer shall be retained by the Seller as liquidated damages.

9. The Seller promises and agrees not to engage in the same type of business as the one being sold for_______ years from the time of passing, within a __________ radius of ___________________________.

10. A Broker s fee for professional services in the amount of _________________($________) Dollars is due from the Seller to_________, provided and on the conditions that papers pass.

11. The Seller agrees that this Agreement is contingent upon the following conditions: (a) Buyer obtaining a Lease on the said premises or that the existing Lease be assigned in writing to the Buyer. (b) Buyer obtaining the approval from the proper authorities (Town and State) of the transfer of all necessary licenses to the Buyer. (c) The premises shall be in the same condition, reasonable wear and tear expected, on the date of passing as they are currently in.

12. All of the terms, representations and warranties shall survive the closing. This Agreement shall bind and inure to the benefit of the Seller and Buyer and their respective heirs, executors, administrators, successors and assigns.

13. If this Agreement shall contain any term or provision which shall be invalid or against public policy or if the application of same is invalid or against public policy, then, the remainder of this Agreement shall not be affected thereby and shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed in triplicate on the day and year first above written.





Business Partnership Agreement Pdf – Motorhomes Rent Choice #small #business #grants

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business partnership agreement pdf

Business Partnership Agreement Pdf

Partnership Agreement Template – Download Now. Simply fill-in the blanks and print in minutes! Instant Access to 1,800+ business and legal forms. Download samples Everything you ever wanted to know about writing a partnership agreement. If you are currently involved in a partnership, or are thinking about starting up aDuquesne University Small Business Development Center Sample Partnership Agreement. THIS AGREEMENT is made and entered into at _____, this Download Sample Partnership Agreement Templates for free. Try printable samples, formats charts for PDF, Word, Excel.How to Write a Partnership Agreement. When you start a small business partnership, you should take time to write a partnership agreement. Outlining the details of the FindLegalForms lawyer drafted Business Partnership Forms. For download and use in all states. Forms that are safe to use and informative. Try Now.Download and create your own document with Partnership Agreement (DOC, 42 KB/PDF, 48 KB) for free. We also offer you a preview of PDF files.PARTNERSHIP AGREEMENT. This PARTNERSHIP AGREEMENT is made on _____, 20__ between _____ andReimbursements for Business Expenses paid by the owners of the business (sample clause): Reimbursement For Partnership Expenses. Each partner shall be entitled to Professional Partnership Agreement available for immediate download,Business partnerships can be an enjoyable, profitable and enduring form of a business relationship.

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Agreement to Sell Business – Free Legal Form #business #registration

#business agreement

#

AGREEMENT TO SELL BUSINESS

Agreement made this _________day of _________, 20__ by and between ____________________ and _____________________ (doing business as _____________________) of ________________________ ____________________ (hereinafter referred to as Seller ) and ________________________________ (hereinafter referred to as the Buyer ).

Whereas the Seller desires to sell and the Buyer desires to buy the business of a certain _______________________ now being operated at ____________________________ and known as ______________________ and all assets thereof as contained in Schedule A attached hereto, the parties hereto agree and covenant as follows:

1. The total purchase price for all fixtures, furnishings and equipment is $___________ Dollars payable as follows: (a) $____________ paid in cash; certified or bank checks, as a deposit upon execution of this Agreement, to be held by ________________________. (b) $___________ additional to be paid in cash, certified or bank checks, at the time of passing papers. (c) $_________ to be paid by a note of the Buyer to the Seller, bearing interest at the rate of _____ percent per annum with an option of the Buyer to prepay the entire outstanding obligation without penalty. Said note shall be secured by a chattel mortgage and financing statement covering the property to be sold hereunder, together with any and all other property acquired during the term of said note and placed in or within the premises known as __________________________ ____________________.

2. The property to be sold hereunder shall be conveyed by a standard form Bill of Sale . duly executed by the Seller.

3. The Seller promises and agrees to convey good, clear, and marketable title to all the property to be sold hereunder, the same to be free and clear of all liens and encumbrances. Full possession of said property will be delivered in the same condition that it is now, reasonable wear and tear expected.

4. Consummation of the sale, with payment by the Buyer of the balance of the down payment and the delivery by the Seller of a Bill of Sale, will take place on or before ______________, 20__.

5. The Seller may use the purchase money, or any portion thereof, to clear any encumbrances on the property transferred and in the event that documents reflecting discharge of said encumbrances are not available at the time of sale, the money needed to effectuate such discharges shall be held by the attorneys of the Buyer and Seller in escrow pending the discharges.

6. Until the delivery of the Bill of Sale, the Seller shall maintain insurance on said property in the amount that is presently insured.

7. Operating expenses of _____________________ including but not limited to rent, taxes, payroll and water shall be apportioned as of the date of the passing of papers and the net amount thereof shall be added to or deducted from, as the case may be, the proceeds due from the Buyer at the time of delivery of the Bill of Sale.

8. If the Buyer fails to fulfill his obligations herein, all deposits made hereunder by the Buyer shall be retained by the Seller as liquidated damages.

9. The Seller promises and agrees not to engage in the same type of business as the one being sold for_______ years from the time of passing, within a __________ radius of ___________________________.

10. A Broker s fee for professional services in the amount of _________________($________) Dollars is due from the Seller to_________, provided and on the conditions that papers pass.

11. The Seller agrees that this Agreement is contingent upon the following conditions: (a) Buyer obtaining a Lease on the said premises or that the existing Lease be assigned in writing to the Buyer. (b) Buyer obtaining the approval from the proper authorities (Town and State) of the transfer of all necessary licenses to the Buyer. (c) The premises shall be in the same condition, reasonable wear and tear expected, on the date of passing as they are currently in.

12. All of the terms, representations and warranties shall survive the closing. This Agreement shall bind and inure to the benefit of the Seller and Buyer and their respective heirs, executors, administrators, successors and assigns.

13. If this Agreement shall contain any term or provision which shall be invalid or against public policy or if the application of same is invalid or against public policy, then, the remainder of this Agreement shall not be affected thereby and shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed in triplicate on the day and year first above written.





Business Partnership Agreement Pdf – Motorhomes Rent Choice #business #licence

#business partnership agreement

#

business partnership agreement pdf

Business Partnership Agreement Pdf

Partnership Agreement Template – Download Now. Simply fill-in the blanks and print in minutes! Instant Access to 1,800+ business and legal forms. Download samples Everything you ever wanted to know about writing a partnership agreement. If you are currently involved in a partnership, or are thinking about starting up aDuquesne University Small Business Development Center Sample Partnership Agreement. THIS AGREEMENT is made and entered into at _____, this Download Sample Partnership Agreement Templates for free. Try printable samples, formats charts for PDF, Word, Excel.How to Write a Partnership Agreement. When you start a small business partnership, you should take time to write a partnership agreement. Outlining the details of the FindLegalForms lawyer drafted Business Partnership Forms. For download and use in all states. Forms that are safe to use and informative. Try Now.Download and create your own document with Partnership Agreement (DOC, 42 KB/PDF, 48 KB) for free. We also offer you a preview of PDF files.PARTNERSHIP AGREEMENT. This PARTNERSHIP AGREEMENT is made on _____, 20__ between _____ andReimbursements for Business Expenses paid by the owners of the business (sample clause): Reimbursement For Partnership Expenses. Each partner shall be entitled to Professional Partnership Agreement available for immediate download,Business partnerships can be an enjoyable, profitable and enduring form of a business relationship.

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Partnership Agreement – Encyclopedia – Business Terms #business #reviews

#business partnership agreement

#

Partnership agreements are written documents that explicitly detail the relationship between the business partners and their individual obligations and contributions to the partnership. Since partnership agreements should cover all possible business situations that could arise during the partnership’s life, the documents are often complex; legal counsel in drafting and reviewing the finished contract is generally recommended. If a partnership does not have a partnership agreement in place when it dissolves, the guidelines of the Uniform Partnership Act and various state laws will determine how the assets and debts of the partnership are distributed.

RECOMMENDED ELEMENTS OF THE PARTNERSHIP AGREEMENT

  1. Name and address of partnership.
  2. Duration of partnership Partners can point to a specific termination date or include a general clause explaining that the partnership will exist until all partners agree to dissolve it or a partner dies.
  3. Business purpose Some consultants recommend that partners keep this section somewhat vague in case opportunities for expansion arise, while others emphasize clear-cut and unambiguous entrepreneurial goals.
  4. Bank account information This section should note which bank accounts are to be used for partnership purposes, and which partners have check-signing privileges.
  5. Partners’ contributions Valuation of all contributions, whether in cash, property or services.
  6. Partners’ compensation Determine in detail how and when profits (and salaries, if applicable) will be distributed.
  7. Management authority What are the operational responsibilities of each partner? Will partners be able to make some decisions on their own? Which decisions will require the unanimous consent of all partners? What are the voting rights of each partner? How will tie votes be resolved?
  8. Circumstances under which new partners might be admitted into the partnership.
  9. Work hours and vacation.
  10. Kinds of outside business activities that will be allowed for partners.
  11. Disposition of partnership’s name if a partner leaves.
  12. Dispute resolution Stipulates what kinds of mediation or arbitration will be utilized in the case of disputes that cannot be resolved amongst the partners. This is a way to avoid costly litigation.
  13. Miscellaneous provisions This portion of the agreement might delineate the circumstances under which the agreement could be amended, for example.
  14. Buy-Sell Agreement.

The Buy-Sell

Agreement The buy-sell agreement is one of the most important elements of any partnership agreement. Lance Wallach summarized the problem in an article for Accounting Today: “Large problems can result from the death, incapacity, resignation, etc. of one of the owners,” Wallach wrote. “How would the decedent’s heirs liquidate the business interest to pay expenses and taxes? What would happen if an heir or an unknown outside buyer of the decedent’s share decides to interfere with the business? Could the business or other owners afford to buy back the decedent’s ownership interests?”

A buy-sell agreement is intended to forestall all such problems. In essence, it specifies the terms of a buyout in the event of death, divorce, disability, or retirement. The buy-sell agreement has become a “must” in many instances in which a partnership is seeking financing a loan or a lease. Lenders want to see the agreement and study its provisions.

The two primary structures for buy/sell agreements are cross-purchase agreements, in which the remaining partnership owners buy the departing partner’s stock or partnership interest, and the stock-redemption agreement, in which the company buys the stock of the departing owner. Life insurance policies are the more typical technique employed to ensure that funds are available for cross-purchase transactions. With two partners in a business, the solution is very straightforward but requires more ingenuity to set up with multiple shareholders. With stock redemption agreements, on the other hand, the insurance would be written in favor of the company. One of the benefits of a buy-sell agreement is that, with the partners able to reach agreement, more innovative methods of solving the problem can be worked out and codified.

BIBLIOGRAPHY

Bentley, Ross. “Live in Peace with Your Contract.” Caterer & Hotelkeeper. 11 August 2005.

Blaydon, Colin, and Fred Wainwright. “Survey: GPs and LPs Support Idea for Model LP Agreement.” Venture Capital Journal. 1 July 2004.

Dunn, Ross. “Ye of Little Faith.” People Management. 27 April 2000.

Spandaccini, Michael. “The Legal Ins and Outs of Forming a Partnership.” Entrepreneur. 2 June 2005.

Wallach, Lance. “Buy-Sell Agreements Can Help Protect Your Business.” Accounting Today. 7 November 2005.

Weisz, Richard L. “Breakup of Business Partnership isn’t Easy Thing to Do.” Business First-Columbus. 1 December 2000.

Zaritsky, Howard M. Structuring Buy-Sell Agreements. Warren Gorham Lamont, 2005.





Agreement to Sell Business – Free Legal Form #buy #business #cards

#business agreement

#

AGREEMENT TO SELL BUSINESS

Agreement made this _________day of _________, 20__ by and between ____________________ and _____________________ (doing business as _____________________) of ________________________ ____________________ (hereinafter referred to as Seller ) and ________________________________ (hereinafter referred to as the Buyer ).

Whereas the Seller desires to sell and the Buyer desires to buy the business of a certain _______________________ now being operated at ____________________________ and known as ______________________ and all assets thereof as contained in Schedule A attached hereto, the parties hereto agree and covenant as follows:

1. The total purchase price for all fixtures, furnishings and equipment is $___________ Dollars payable as follows: (a) $____________ paid in cash; certified or bank checks, as a deposit upon execution of this Agreement, to be held by ________________________. (b) $___________ additional to be paid in cash, certified or bank checks, at the time of passing papers. (c) $_________ to be paid by a note of the Buyer to the Seller, bearing interest at the rate of _____ percent per annum with an option of the Buyer to prepay the entire outstanding obligation without penalty. Said note shall be secured by a chattel mortgage and financing statement covering the property to be sold hereunder, together with any and all other property acquired during the term of said note and placed in or within the premises known as __________________________ ____________________.

2. The property to be sold hereunder shall be conveyed by a standard form Bill of Sale . duly executed by the Seller.

3. The Seller promises and agrees to convey good, clear, and marketable title to all the property to be sold hereunder, the same to be free and clear of all liens and encumbrances. Full possession of said property will be delivered in the same condition that it is now, reasonable wear and tear expected.

4. Consummation of the sale, with payment by the Buyer of the balance of the down payment and the delivery by the Seller of a Bill of Sale, will take place on or before ______________, 20__.

5. The Seller may use the purchase money, or any portion thereof, to clear any encumbrances on the property transferred and in the event that documents reflecting discharge of said encumbrances are not available at the time of sale, the money needed to effectuate such discharges shall be held by the attorneys of the Buyer and Seller in escrow pending the discharges.

6. Until the delivery of the Bill of Sale, the Seller shall maintain insurance on said property in the amount that is presently insured.

7. Operating expenses of _____________________ including but not limited to rent, taxes, payroll and water shall be apportioned as of the date of the passing of papers and the net amount thereof shall be added to or deducted from, as the case may be, the proceeds due from the Buyer at the time of delivery of the Bill of Sale.

8. If the Buyer fails to fulfill his obligations herein, all deposits made hereunder by the Buyer shall be retained by the Seller as liquidated damages.

9. The Seller promises and agrees not to engage in the same type of business as the one being sold for_______ years from the time of passing, within a __________ radius of ___________________________.

10. A Broker s fee for professional services in the amount of _________________($________) Dollars is due from the Seller to_________, provided and on the conditions that papers pass.

11. The Seller agrees that this Agreement is contingent upon the following conditions: (a) Buyer obtaining a Lease on the said premises or that the existing Lease be assigned in writing to the Buyer. (b) Buyer obtaining the approval from the proper authorities (Town and State) of the transfer of all necessary licenses to the Buyer. (c) The premises shall be in the same condition, reasonable wear and tear expected, on the date of passing as they are currently in.

12. All of the terms, representations and warranties shall survive the closing. This Agreement shall bind and inure to the benefit of the Seller and Buyer and their respective heirs, executors, administrators, successors and assigns.

13. If this Agreement shall contain any term or provision which shall be invalid or against public policy or if the application of same is invalid or against public policy, then, the remainder of this Agreement shall not be affected thereby and shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed in triplicate on the day and year first above written.





Accounts Receivable Factoring Agreement – Full Recourse #factoring #agreement, #factoring, #accounts #receivable,


#

Factoring Agreement – Full Recourse

File Type: Word Price: $9.99

Summary: Use this factoring agreement to formalize a factoring relationship in which a company sells its accounts receivable to a factor (buyer) for cash, at a discount on the face value of the receivable balance. In this agreement, the buyer has full recourse against the seller for the amount of any receivable which is not paid or disputed by a customer together with interest on unpaid accounts, subject to a limitation as defined in the factoring agreement.

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Return On Investment: Save 8 to 10 hours by downloading and using this factoring agreement from DigitalWorkTools.com

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Factoring And Security Agreement – full recourse

THIS AGREEMENT made effective as of the _____ day of ______________, _______ between [NAME OF Seller ] [address] (the “Seller”) and [NAME OF Buyer ] [address] (the “Buyer”)

WHEREAS Seller wishes to obtain short-term financing by factoring, selling and assigning to Buyer certain acceptable accounts receivable in accordance with the terms of this Agreement at a discount below face value and on recourse, as set in this Agreement.

1. Definitions

(a) “Account” means any right to payment for any reason whatsoever including but not limited to goods sold, leased or delivered, or services provided, or refunds due, as sold and assigned to the Buyer pursuant to this Agreement, including but not limited to those Accounts set out in Schedule “A” attached.

(b) “Acceptable Account” means an Account in respect of which all of the representations and warranties set forth herein are true and accurate, including the Accounts set out in Schedule “A” attached.

(c) “Buyer” means the buyer of Accounts from the Seller as set out above.

(d) “Seller” means the seller and assignor of the Accounts as set out above.

(e) “Credit Problem” includes any circumstance which may adversely affect a Customer’s ability to pay of its obligations (including any Account) when due.

(f) “Customer” means Seller’s customer or the account debtor of any Account purchased by Buyer pursuant to this Agreement.

(h) “Interest Rate” means the rate of ##% per year, which will be charged on any and all overdue payments from Seller to Buyer of any kind whatsoever under this Agreement.

2. Representations, Warranties And Covenants By Seller

As an inducement for Buyer to enter into this Agreement, and with full knowledge that the truth and accuracy of the representations and warranties of Seller in this Agreement are being relied upon by Buyer instead of the delay of a complete credit investigation, Seller represents and warrants that the following statements are true and correct, and covenants that the same will remain true and correct for so long as any amount remains owing to Buyer hereunder:

(a) Seller is properly licensed and authorized to operate its business.

(b) The complete and proper legal name of Seller is as set out above, and Seller has no French version of such name.

(c) Seller’s business is solvent.

(d) Each Customer’s business is solvent, to the best of Seller’s information and knowledge.

(e) Seller is, at the time of purchase by Buyer, the lawful owner of and has good and undisputed title to the Accounts purchased by Buyer.

(f) Customer shall have no right of set-off, abatement or reduction whatsoever in respect of any Account which is offered for sale by Seller to Buyer.


Partnership Agreement #business #bank #account

#business partnership agreement

#

Partnership Agreement

Document Overview

Have you recently formed a Partnership? It is important to have a Partnership Agreement between you and your partners to set the business conduct of the Partnership. A Partnership Agreement is necessary as a foundation of your business partnership, ensuring that your interests, and that of your partners, are aligned and protected. Apart from reflecting clearly what business terms the partners agree on, a Partnership Agreement also provides guidance to mediate any disputes that may arise.

Use this Partnership Agreement if:

  • You are entering into a Partnership and will like to lay down the rules of the Partnership.

What does the Partnership Agreement cover?

  • Partnership name and business address;
  • Names of the partners;
  • Effective date of agreement, and commencement of Partnership;
  • Maintenance of the Partnership account;
  • Duties and limitations of each partner;
  • Sharing of capital and property, profit or losses;
  • Operation of partner s shares;
  • Rules governing dissolution of the Partnership;
  • Terms concerning retirement, death, or expulsion of a partner; and
  • Dispute resolution.

Other names for Partnership Agreement include:

  • Partner Agreement; and
  • Partnership Contract.
  • suitable for all Australian states and territories
  • last updated July 2014
  • under 15 minutes

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Business Partnership Agreement Pdf – Motorhomes Rent Choice #harvard #business

#business partnership agreement

#

business partnership agreement pdf

Business Partnership Agreement Pdf

Partnership Agreement Template – Download Now. Simply fill-in the blanks and print in minutes! Instant Access to 1,800+ business and legal forms. Download samples Everything you ever wanted to know about writing a partnership agreement. If you are currently involved in a partnership, or are thinking about starting up aDuquesne University Small Business Development Center Sample Partnership Agreement. THIS AGREEMENT is made and entered into at _____, this Download Sample Partnership Agreement Templates for free. Try printable samples, formats charts for PDF, Word, Excel.How to Write a Partnership Agreement. When you start a small business partnership, you should take time to write a partnership agreement. Outlining the details of the FindLegalForms lawyer drafted Business Partnership Forms. For download and use in all states. Forms that are safe to use and informative. Try Now.Download and create your own document with Partnership Agreement (DOC, 42 KB/PDF, 48 KB) for free. We also offer you a preview of PDF files.PARTNERSHIP AGREEMENT. This PARTNERSHIP AGREEMENT is made on _____, 20__ between _____ andReimbursements for Business Expenses paid by the owners of the business (sample clause): Reimbursement For Partnership Expenses. Each partner shall be entitled to Professional Partnership Agreement available for immediate download,Business partnerships can be an enjoyable, profitable and enduring form of a business relationship.

Image Gallery business partnership agreement pdf

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  • dibujos de emos enamorados para dibujar faciles
  • centro de mesa de la peppa
  • cute drawing ideas
  • confirmation of enrolment letter – template
  • Confirmation Accommodation
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Agreement to Sell Business – Free Legal Form #market #news #today

#business agreement

#

AGREEMENT TO SELL BUSINESS

Agreement made this _________day of _________, 20__ by and between ____________________ and _____________________ (doing business as _____________________) of ________________________ ____________________ (hereinafter referred to as Seller ) and ________________________________ (hereinafter referred to as the Buyer ).

Whereas the Seller desires to sell and the Buyer desires to buy the business of a certain _______________________ now being operated at ____________________________ and known as ______________________ and all assets thereof as contained in Schedule A attached hereto, the parties hereto agree and covenant as follows:

1. The total purchase price for all fixtures, furnishings and equipment is $___________ Dollars payable as follows: (a) $____________ paid in cash; certified or bank checks, as a deposit upon execution of this Agreement, to be held by ________________________. (b) $___________ additional to be paid in cash, certified or bank checks, at the time of passing papers. (c) $_________ to be paid by a note of the Buyer to the Seller, bearing interest at the rate of _____ percent per annum with an option of the Buyer to prepay the entire outstanding obligation without penalty. Said note shall be secured by a chattel mortgage and financing statement covering the property to be sold hereunder, together with any and all other property acquired during the term of said note and placed in or within the premises known as __________________________ ____________________.

2. The property to be sold hereunder shall be conveyed by a standard form Bill of Sale . duly executed by the Seller.

3. The Seller promises and agrees to convey good, clear, and marketable title to all the property to be sold hereunder, the same to be free and clear of all liens and encumbrances. Full possession of said property will be delivered in the same condition that it is now, reasonable wear and tear expected.

4. Consummation of the sale, with payment by the Buyer of the balance of the down payment and the delivery by the Seller of a Bill of Sale, will take place on or before ______________, 20__.

5. The Seller may use the purchase money, or any portion thereof, to clear any encumbrances on the property transferred and in the event that documents reflecting discharge of said encumbrances are not available at the time of sale, the money needed to effectuate such discharges shall be held by the attorneys of the Buyer and Seller in escrow pending the discharges.

6. Until the delivery of the Bill of Sale, the Seller shall maintain insurance on said property in the amount that is presently insured.

7. Operating expenses of _____________________ including but not limited to rent, taxes, payroll and water shall be apportioned as of the date of the passing of papers and the net amount thereof shall be added to or deducted from, as the case may be, the proceeds due from the Buyer at the time of delivery of the Bill of Sale.

8. If the Buyer fails to fulfill his obligations herein, all deposits made hereunder by the Buyer shall be retained by the Seller as liquidated damages.

9. The Seller promises and agrees not to engage in the same type of business as the one being sold for_______ years from the time of passing, within a __________ radius of ___________________________.

10. A Broker s fee for professional services in the amount of _________________($________) Dollars is due from the Seller to_________, provided and on the conditions that papers pass.

11. The Seller agrees that this Agreement is contingent upon the following conditions: (a) Buyer obtaining a Lease on the said premises or that the existing Lease be assigned in writing to the Buyer. (b) Buyer obtaining the approval from the proper authorities (Town and State) of the transfer of all necessary licenses to the Buyer. (c) The premises shall be in the same condition, reasonable wear and tear expected, on the date of passing as they are currently in.

12. All of the terms, representations and warranties shall survive the closing. This Agreement shall bind and inure to the benefit of the Seller and Buyer and their respective heirs, executors, administrators, successors and assigns.

13. If this Agreement shall contain any term or provision which shall be invalid or against public policy or if the application of same is invalid or against public policy, then, the remainder of this Agreement shall not be affected thereby and shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed in triplicate on the day and year first above written.





Business Contract Template – Business Sales Agreement Sample #home #businesses

#business contracts

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Business Contract

How it works

Business Contract Basics

Whether you run a business out of your home or a big skyscraper, using written agreements is critical to protect yourself and to keep growing. Our Business Contract will help you outline the terms and get you started on the right foot.

Use the Business Contract document if:

  • Your business plans to buy or sell physical products from another business.
  • Your business will provide a service or receive a service from another business.
  • You are an individual or independent contractor who wants to make a formal business agreement.

You need more than a handshake. Make sure it’s a done deal with a professional Business Contract. When it’s in writing, it’s easier to prevent miscommunication because the details of your agreement are clearly outlined. A Business Contract also makes it easier to get paid by laying out specific terms around when the project is complete, what must be delivered, and when payment is due. Our Business Contract can be used by the buyer or seller of a product or service. For a product, you can include important details like the date of the order, acceptance and delivery requirements, quantities ordered, warranties, and payment details. If you’re offering or receiving a service, you can use the Business Contract to specify dates of performance, the scope of work, and payment terms.

Other names for this document:Business Contract Template, Business Contract Agreement

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Sample Business Contract

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Save, sign, print, and download your document when you are done.





Partnership Agreement – Encyclopedia – Business Terms #advertise #your #business

#business partnership agreement

#

Partnership agreements are written documents that explicitly detail the relationship between the business partners and their individual obligations and contributions to the partnership. Since partnership agreements should cover all possible business situations that could arise during the partnership’s life, the documents are often complex; legal counsel in drafting and reviewing the finished contract is generally recommended. If a partnership does not have a partnership agreement in place when it dissolves, the guidelines of the Uniform Partnership Act and various state laws will determine how the assets and debts of the partnership are distributed.

RECOMMENDED ELEMENTS OF THE PARTNERSHIP AGREEMENT

  1. Name and address of partnership.
  2. Duration of partnership Partners can point to a specific termination date or include a general clause explaining that the partnership will exist until all partners agree to dissolve it or a partner dies.
  3. Business purpose Some consultants recommend that partners keep this section somewhat vague in case opportunities for expansion arise, while others emphasize clear-cut and unambiguous entrepreneurial goals.
  4. Bank account information This section should note which bank accounts are to be used for partnership purposes, and which partners have check-signing privileges.
  5. Partners’ contributions Valuation of all contributions, whether in cash, property or services.
  6. Partners’ compensation Determine in detail how and when profits (and salaries, if applicable) will be distributed.
  7. Management authority What are the operational responsibilities of each partner? Will partners be able to make some decisions on their own? Which decisions will require the unanimous consent of all partners? What are the voting rights of each partner? How will tie votes be resolved?
  8. Circumstances under which new partners might be admitted into the partnership.
  9. Work hours and vacation.
  10. Kinds of outside business activities that will be allowed for partners.
  11. Disposition of partnership’s name if a partner leaves.
  12. Dispute resolution Stipulates what kinds of mediation or arbitration will be utilized in the case of disputes that cannot be resolved amongst the partners. This is a way to avoid costly litigation.
  13. Miscellaneous provisions This portion of the agreement might delineate the circumstances under which the agreement could be amended, for example.
  14. Buy-Sell Agreement.

The Buy-Sell

Agreement The buy-sell agreement is one of the most important elements of any partnership agreement. Lance Wallach summarized the problem in an article for Accounting Today: “Large problems can result from the death, incapacity, resignation, etc. of one of the owners,” Wallach wrote. “How would the decedent’s heirs liquidate the business interest to pay expenses and taxes? What would happen if an heir or an unknown outside buyer of the decedent’s share decides to interfere with the business? Could the business or other owners afford to buy back the decedent’s ownership interests?”

A buy-sell agreement is intended to forestall all such problems. In essence, it specifies the terms of a buyout in the event of death, divorce, disability, or retirement. The buy-sell agreement has become a “must” in many instances in which a partnership is seeking financing a loan or a lease. Lenders want to see the agreement and study its provisions.

The two primary structures for buy/sell agreements are cross-purchase agreements, in which the remaining partnership owners buy the departing partner’s stock or partnership interest, and the stock-redemption agreement, in which the company buys the stock of the departing owner. Life insurance policies are the more typical technique employed to ensure that funds are available for cross-purchase transactions. With two partners in a business, the solution is very straightforward but requires more ingenuity to set up with multiple shareholders. With stock redemption agreements, on the other hand, the insurance would be written in favor of the company. One of the benefits of a buy-sell agreement is that, with the partners able to reach agreement, more innovative methods of solving the problem can be worked out and codified.

BIBLIOGRAPHY

Bentley, Ross. “Live in Peace with Your Contract.” Caterer & Hotelkeeper. 11 August 2005.

Blaydon, Colin, and Fred Wainwright. “Survey: GPs and LPs Support Idea for Model LP Agreement.” Venture Capital Journal. 1 July 2004.

Dunn, Ross. “Ye of Little Faith.” People Management. 27 April 2000.

Spandaccini, Michael. “The Legal Ins and Outs of Forming a Partnership.” Entrepreneur. 2 June 2005.

Wallach, Lance. “Buy-Sell Agreements Can Help Protect Your Business.” Accounting Today. 7 November 2005.

Weisz, Richard L. “Breakup of Business Partnership isn’t Easy Thing to Do.” Business First-Columbus. 1 December 2000.

Zaritsky, Howard M. Structuring Buy-Sell Agreements. Warren Gorham Lamont, 2005.





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Whether you run a business out of your home or a big skyscraper, using written agreements is critical to protect yourself and to keep growing. Our Business Contract will help you outline the terms and get you started on the right foot.

Use the Business Contract document if:

  • Your business plans to buy or sell physical products from another business.
  • Your business will provide a service or receive a service from another business.
  • You are an individual or independent contractor who wants to make a formal business agreement.

You need more than a handshake. Make sure it’s a done deal with a professional Business Contract. When it’s in writing, it’s easier to prevent miscommunication because the details of your agreement are clearly outlined. A Business Contract also makes it easier to get paid by laying out specific terms around when the project is complete, what must be delivered, and when payment is due. Our Business Contract can be used by the buyer or seller of a product or service. For a product, you can include important details like the date of the order, acceptance and delivery requirements, quantities ordered, warranties, and payment details. If you’re offering or receiving a service, you can use the Business Contract to specify dates of performance, the scope of work, and payment terms.

Other names for this document:Business Contract Template, Business Contract Agreement

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Partnership Agreement Template – Download Now. Simply fill-in the blanks and print in minutes! Instant Access to 1,800+ business and legal forms. Download samples Everything you ever wanted to know about writing a partnership agreement. If you are currently involved in a partnership, or are thinking about starting up aDuquesne University Small Business Development Center Sample Partnership Agreement. THIS AGREEMENT is made and entered into at _____, this Download Sample Partnership Agreement Templates for free. Try printable samples, formats charts for PDF, Word, Excel.How to Write a Partnership Agreement. When you start a small business partnership, you should take time to write a partnership agreement. Outlining the details of the FindLegalForms lawyer drafted Business Partnership Forms. For download and use in all states. Forms that are safe to use and informative. Try Now.Download and create your own document with Partnership Agreement (DOC, 42 KB/PDF, 48 KB) for free. We also offer you a preview of PDF files.PARTNERSHIP AGREEMENT. This PARTNERSHIP AGREEMENT is made on _____, 20__ between _____ andReimbursements for Business Expenses paid by the owners of the business (sample clause): Reimbursement For Partnership Expenses. Each partner shall be entitled to Professional Partnership Agreement available for immediate download,Business partnerships can be an enjoyable, profitable and enduring form of a business relationship.

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Business Contract

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Business Contract Basics

Whether you run a business out of your home or a big skyscraper, using written agreements is critical to protect yourself and to keep growing. Our Business Contract will help you outline the terms and get you started on the right foot.

Use the Business Contract document if:

  • Your business plans to buy or sell physical products from another business.
  • Your business will provide a service or receive a service from another business.
  • You are an individual or independent contractor who wants to make a formal business agreement.

You need more than a handshake. Make sure it’s a done deal with a professional Business Contract. When it’s in writing, it’s easier to prevent miscommunication because the details of your agreement are clearly outlined. A Business Contract also makes it easier to get paid by laying out specific terms around when the project is complete, what must be delivered, and when payment is due. Our Business Contract can be used by the buyer or seller of a product or service. For a product, you can include important details like the date of the order, acceptance and delivery requirements, quantities ordered, warranties, and payment details. If you’re offering or receiving a service, you can use the Business Contract to specify dates of performance, the scope of work, and payment terms.

Other names for this document:Business Contract Template, Business Contract Agreement

View Sample

Sample Business Contract

More than just a template, our step-by-step interview process makes it easy to create a Business Contract.

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Learn more about Partnership Agreement

Partnership Agreement Basics

Ready to kick off a successful and satisfying new business partnership? You’ll want to use a Partnership Agreement between yourself and the other business partner or partners. Its terms define how the business partnership will be conducted, making it an important foundational document for running your new business.

Use a Partnership Agreement if:

  • You are ready to form a Partnership and you want to define the business terms of the Partnership.

View Sample

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More than just a template, our step-by-step interview process makes it easy to create a Partnership Agreement

Save, sign, print, and download your document when you are done.

Other names for a Partnership Agreement:

General Partnership Agreement, Business Partnership Agreement, Partnership Contract, Create Partnership

Partnership Agreement Overview:

Clear communication and a solid legal foundation helps get your business off to the right start. Whether you’re going into business with a friend or business colleague, you’ll want to define all the ins-and-outs of how you’ll run the partnership. A Partnership Agreement allows your business to prepare for common business scenarios, plan how a partner may leave, or how to handle disproportionate partnership contributions. Everyday misunderstandings between partners are also easily avoided by setting out clear business expectations in a Partnership Agreement. Other terms can cover interest, profits, contributions, buy-out options, and dissolution.

Information needed for creating a Partnership Agreement:

You’ll need to have some information at the ready to create your Partnership Agreement, but most of it you probably know off hand. We’ll guide you through the process with our step-by-step process so all you’ll have to do is answer a few simple questions. Here are some of the key provisions in a Partnership Agreement:

  • Partnership name. This will be the legal name of your partnership.
  • Business address. This is the physical address for the partnership. If there is none or only a post office box, then choose the address for one of the partners.
  • Names of Partners .
  • Effective date of agreement. This is the date that the partnership will begin. The date should be shortly after the Partnership Agreement is signed by all the partners.
  • Primary purpose of partnership. For example, to purchase and lease out residential real estate.
  • Voting requirements for partnership decisions. Generally, there are three options, including:
    • all partners have equal voting rights regardless of ownership percentage (meaning each partner has one vote);
    • all decisions require a majority vote with voting rights based on ownership percentage; or,
    • all decisions require unanimous vote.
  • Specify how costs will be shared among the partners. Typically this is according to ownership percentage. However, costs may also be assigned by percentages to each partner.
  • Specify how profits will be shared among the partners. Typically this is according to ownership percentage. However, profits may also be assigned by percentages to each partner.
  • Specify which partners will have authority to sign checks from the partnership account.
  • For each partner. specify how much (in specific amount) partner will contribute to partnership.
  • Specify deadline for partners to make contributions to partnership (specific date).
  • Specify who will maintain accounting of profits made by partnership. Typically, this is an accountant or one of the partners. This may be an accounting firm or a person.
  • Specify how often partnership finances will be audited. The choices include every six (6) months, once per year or upon majority vote of partners.
  • Specify the type of contribution account the partnership will maintain. This is the contribution account that will be used for all monies the partners give to the partnership. Each partner may have their own individual contribution account. Or, the partnership may have one large contribution account.
  • Specify type of accounting records partnership will maintain. This will be either cash basis or accrual basis.
  • Specify the partnership’s fiscal year-end. Will be last day of month chosen.
  • If partner withdraws from partnership. specify number of days the partnership, as an entity, will have to buy the withdrawn shares.
  • If partner withdraws from partnership and partnership chooses not to buy withdrawn shares. specify number of days partners will have to buy withdrawn shares. Please note, that if withdrawn shares are not purchased by the end of this period, the partnership will be dissolved.
  • Specify type of vote required to dissolve partnership. This may be unanimous, by a majority, single partner vote or some other method.

Other documents for you and your business:

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Partnership Agreement

1,800+ Documents to Cover
Any Situation

With the most complete library of document templates available today, Business-in-a-Box will cover all your writing needs from the day you launch your business until maturity.

Attorney-Drafted
Professional Documents

Written by lawyers and business consultants, all document drafts provide high-quality, legally sound content that conveys a polished corporate image. You too can look like a Fortune 500.

Fully Customizable with
Microsoft Office

Save documents in Word format (.doc) and enjoy total editing capabilities by using MS Office (2010, 2007, 2003, XP and 2000), iWork, or the built-in Text Editor. Also easy to export to PDF.

Fast & easy:
Simply Fill in the Blanks & Print!

Customizing a simple document is literally a matter of filling in the blanks. Fields that require customization are in brackets and contain helpful guidance making the software easy to use

Regularly Updated
to Support Your Growth

You can rely on a product that is evolving. We are constantly adding new documents and features to address user requests and the evolving business landscape.

Documents are Available
in 7 Languages

All documents are available in English, French, Spanish, Chinese, German, Italian and Portuguese. Doing business with foreign partners and clients has never been easier!

Improve Your Productivity Today!

Run & grow your business like a pro!

About Biztree

Since 2001, Biztree has helped over 10,000,000 entrepreneurs, business owners, executives and managers to start, run and grow their business more efficiently. Our Business-in-a-Box software gives you unlimited lifetime access to our entire collection of 1,800 business and legal document templates.

Whether you need to write a business plan, legal contracts, proposals, business letters, board resolutions, policies, spreadsheets or any other business document, simply fill in the blanks and get the job done in minutes!





Partnership Agreement – Encyclopedia – Business Terms #creative #business #cards

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Partnership agreements are written documents that explicitly detail the relationship between the business partners and their individual obligations and contributions to the partnership. Since partnership agreements should cover all possible business situations that could arise during the partnership’s life, the documents are often complex; legal counsel in drafting and reviewing the finished contract is generally recommended. If a partnership does not have a partnership agreement in place when it dissolves, the guidelines of the Uniform Partnership Act and various state laws will determine how the assets and debts of the partnership are distributed.

RECOMMENDED ELEMENTS OF THE PARTNERSHIP AGREEMENT

  1. Name and address of partnership.
  2. Duration of partnership Partners can point to a specific termination date or include a general clause explaining that the partnership will exist until all partners agree to dissolve it or a partner dies.
  3. Business purpose Some consultants recommend that partners keep this section somewhat vague in case opportunities for expansion arise, while others emphasize clear-cut and unambiguous entrepreneurial goals.
  4. Bank account information This section should note which bank accounts are to be used for partnership purposes, and which partners have check-signing privileges.
  5. Partners’ contributions Valuation of all contributions, whether in cash, property or services.
  6. Partners’ compensation Determine in detail how and when profits (and salaries, if applicable) will be distributed.
  7. Management authority What are the operational responsibilities of each partner? Will partners be able to make some decisions on their own? Which decisions will require the unanimous consent of all partners? What are the voting rights of each partner? How will tie votes be resolved?
  8. Circumstances under which new partners might be admitted into the partnership.
  9. Work hours and vacation.
  10. Kinds of outside business activities that will be allowed for partners.
  11. Disposition of partnership’s name if a partner leaves.
  12. Dispute resolution Stipulates what kinds of mediation or arbitration will be utilized in the case of disputes that cannot be resolved amongst the partners. This is a way to avoid costly litigation.
  13. Miscellaneous provisions This portion of the agreement might delineate the circumstances under which the agreement could be amended, for example.
  14. Buy-Sell Agreement.

The Buy-Sell

Agreement The buy-sell agreement is one of the most important elements of any partnership agreement. Lance Wallach summarized the problem in an article for Accounting Today: “Large problems can result from the death, incapacity, resignation, etc. of one of the owners,” Wallach wrote. “How would the decedent’s heirs liquidate the business interest to pay expenses and taxes? What would happen if an heir or an unknown outside buyer of the decedent’s share decides to interfere with the business? Could the business or other owners afford to buy back the decedent’s ownership interests?”

A buy-sell agreement is intended to forestall all such problems. In essence, it specifies the terms of a buyout in the event of death, divorce, disability, or retirement. The buy-sell agreement has become a “must” in many instances in which a partnership is seeking financing a loan or a lease. Lenders want to see the agreement and study its provisions.

The two primary structures for buy/sell agreements are cross-purchase agreements, in which the remaining partnership owners buy the departing partner’s stock or partnership interest, and the stock-redemption agreement, in which the company buys the stock of the departing owner. Life insurance policies are the more typical technique employed to ensure that funds are available for cross-purchase transactions. With two partners in a business, the solution is very straightforward but requires more ingenuity to set up with multiple shareholders. With stock redemption agreements, on the other hand, the insurance would be written in favor of the company. One of the benefits of a buy-sell agreement is that, with the partners able to reach agreement, more innovative methods of solving the problem can be worked out and codified.

BIBLIOGRAPHY

Bentley, Ross. “Live in Peace with Your Contract.” Caterer & Hotelkeeper. 11 August 2005.

Blaydon, Colin, and Fred Wainwright. “Survey: GPs and LPs Support Idea for Model LP Agreement.” Venture Capital Journal. 1 July 2004.

Dunn, Ross. “Ye of Little Faith.” People Management. 27 April 2000.

Spandaccini, Michael. “The Legal Ins and Outs of Forming a Partnership.” Entrepreneur. 2 June 2005.

Wallach, Lance. “Buy-Sell Agreements Can Help Protect Your Business.” Accounting Today. 7 November 2005.

Weisz, Richard L. “Breakup of Business Partnership isn’t Easy Thing to Do.” Business First-Columbus. 1 December 2000.

Zaritsky, Howard M. Structuring Buy-Sell Agreements. Warren Gorham Lamont, 2005.