Right either to purchase the interest of the decedent in the The death of either partner, the surviving partner shall have the To discharge the balance of the capital accounts of the partners. To equalize the capital accounts of the partners and To discharge the balance of the income accounts of the partners To equalize the income accounts of the partners To pay or provide for the payment of all partnership liabilities and The assets of the partnership business shall be used and Partnership name shall be sold with the other assets of theīusiness. Promptness to liquidate the business of the partnership. Partners, in which event the partners shall proceed with reasonable Partnership may be dissolved at any time by agreement of the Property for or of the partnership other than the type of propertyīought and sold in the regular course of its business. Purchase or contract to purchase, or sell or contract to sell any Lend money, or make, deliver, or accept any commercial paper, orĮxecute any mortgage, security agreement, bond, or lease, or Partner neither partner shall on behalf of the partnership borrow or In making contracts and incurring obligations in the name and on theĬredit of the firm, and each partner shall devote their entire time Partnership business including the authority to bind the Partnership Partners shall have equal rights in the management of the To examination by either Partner at any time. To the Partnership, including all of its income, expenditures,Īssets, and liabilities, shall be entered. Shall keep accurate books of account in which all matters relating However, be increased or reduced at any time by mutual agreement ofįunds of the partnership shall be deposited in its name in suchĬhecking account or accounts as shall be designated by the partners.Īll withdrawals therefrom are to be made upon checks signed byĪll times during the continuation of the Partnership, the Partners Partnership as an ordinary and necessary business expense beforeĭetermination of net profits. $_ each month, which shall be deducted by the Of the partnership or on any subsequent contributions of capital.Ĭompensation for his or her services in and to the Partnershipīusiness, each Partner shall be entitled to a salary of Interest shall be paid on the initial contributions to the capital If a partner has no creditīalance in their income account, losses shall be charged to their Partnership profits and losses shall be charged or credited to the Separate income account shall be maintained for each partner. Partners and the net losses shall be borne equally by them. Net profits of the partnership shall be divided equally between the Neither partner shall withdraw any part of their capital account. Partners share in the profits and losses of the partnership. Shall be maintained at all times in the proportions in which the The demand of either partner, the capital accounts of the partners $_, to which each Partner shall contribute byĭepositing in a checking account in the name of the Partnership, theįollowing amounts: $_ by [ PartnerĪ separate capital account shall be maintained for each partner. Initial capital of this Partnership shall be the sum of Partnership shall commence on _, and shall Place of business shall be at Īnd any other place or places that may be mutually agreed upon by The parties herebyįorm a partnership under the name of. _, and any other type of business that mayįrom time to time be agreed on by the Partners. Partners for the purpose of conducting the general business of Partners voluntarily associate themselves together as general Hereinafter are referred to as the “Partners”, agree as follows: Partnership agreement is made on īetween _ and _,whom
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