Partnership Agreement Short Form

PARTNERSHIP AGREEMENT SHORT FORM

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

1. PARTIES

This Partnership Agreement is made and entered into on this {{date_day}} day of {{date_month}}, {{date_year}}.

BETWEEN:

{{partner1_name}} of {{partner1_address}} (hereinafter referred to as "Partner 1"),

AND

{{partner2_name}} of {{partner2_address}} (hereinafter referred to as "Partner 2").

(Collectively referred to as “the Partners” and individually as “Partner”).

2. PURPOSE OF PARTNERSHIP

The Partners hereby agree to form a partnership for the purpose of operating a business under the name of {{partnership_name}} (hereinafter referred to as “the Business”), located at {{business_address}}.

The primary business activity shall be {{business_activity_description}}.

3. COMMENCEMENT AND DURATION

The partnership shall commence on {{start_date}} and shall continue indefinitely until dissolved in accordance with the provisions of this Agreement.

4. CAPITAL CONTRIBUTIONS

Partner 1 shall contribute {{partner1_capital_contribution_amount}} {{currency}} in cash/assets to the partnership.

Partner 2 shall contribute {{partner2_capital_contribution_amount}} {{currency}} in cash/assets to the partnership.

Further contributions may be agreed upon by the Partners as necessary.

5. PROFIT AND LOSS SHARING

Net profits and losses of the Business shall be shared between the Partners in the following proportions:

Partner 1: {{partner1_profit_share_percentage}}%

Partner 2: {{partner2_profit_share_percentage}}%

These proportions may be reviewed and adjusted by mutual agreement of the Partners.

6. MANAGEMENT AND RESPONSIBILITIES

Each Partner shall have an equal right in the management and control of the Business.

Specific duties and responsibilities may be assigned by mutual agreement.

Major decisions affecting the Business shall require the unanimous consent of all Partners.

7. BANK ACCOUNTS

A joint bank account shall be established for the Business. All funds belonging to the partnership shall be deposited into this account, and all expenses shall be paid from it.

All cheques drawn on the account shall require the signatures of {{number_of_required_signatures}} Partner(s).

8. DISSOLUTION OF PARTNERSHIP

The partnership may be dissolved by mutual agreement of the Partners or by notice from one Partner to the other of their intention to dissolve the partnership, given {{notice_period}} days in advance.

Upon dissolution, the assets and liabilities of the Business shall be liquidated and distributed among the Partners according to their profit-sharing ratios after all debts have been settled.

9. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of {{country_of_jurisdiction}}.

SIGNATURES

IN WITNESS WHEREOF, the Partners have executed this Agreement on the date first above written.

_____________________________

{{partner1_name}}

{{partner1_ID_number}}

Date: {{signature_date_1}}

_____________________________

{{partner2_name}}

{{partner2_ID_number}}

Date: {{signature_date_2}}