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General Partnership Agreement

Agreement establishing a general partnership between two or more parties, covering profit sharing, management duties, capital contributions, and dissolution procedures.

Instructions

Instructions

  • Partners: List all partners with their full legal names and addresses
  • Business Name: Enter the partnership name and principal place of business
  • Purpose: Describe the business purpose of the partnership
  • Capital Contributions: Specify each partner's initial contribution (cash, property, services)
  • Profit/Loss Sharing: Define how profits and losses are split (equal, proportional to contribution, or custom)
  • Management: Describe voting rights, decision-making authority, and day-to-day management
  • Withdrawal/Death: Address what happens when a partner leaves, retires, or dies
  • Dissolution: Specify the process for winding down the partnership
  • Note: General partners have unlimited personal liability. Consider an LLC or LP for liability protection.