Free Partnership Agreement Template
Partnership Agreement
This Partnership Agreement (the "Agreement") is entered into on this 21st day of August 2050 (the "Effective Date"), by and between:
I. PARTIES
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[Your Company Name], a corporation organized and existing under the laws of the State of New York, with its head office located at 1234 Business Avenue, New York, NY, 10001, hereinafter referred to as "[Your Company Name]."
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Tech Innovators Inc., is a company organized and existing under the laws of the State of California, with its office located at 5678 Silicon Road, San Francisco, CA, 94103, hereinafter referred to as "Tech Innovators."
II. PURPOSE OF THE AGREEMENT
The purposes of this Agreement are:
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To establish an optimal and rewarding partnership between [Your Company Name] and Tech Innovators Inc.
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To specify the responsibilities and obligations of each party.
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To provide a clear definition of the ownership rights of each Partner.
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To set forth the financial obligations and contributions of each Partner.
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To establish a structured process for decision-making in the partnership operations.
III. ROLES AND RESPONSIBILITIES
Both [Your Company Name] and Tech Innovators agree to devote sufficient time and resources to fulfill their respective roles in the partnership in a reliable and professional manner.
Each Partner shall have equal rights to manage, conduct, and control the partnership business and to make decisions on behalf of the partnership, subject to the other provisions of this Agreement.
IV. PROFIT SHARING AND LOSS-BEARING
The net profits accumulated from the partnership shall be divided among the partners. Additionally, should there be any losses incurred from the operation of the partnership, they will be shared by the partners in the following proportions:
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[Your Company Name] - 50%
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Tech Innovators Inc. - 50%
The arrangement dictates that this distribution must take place no less than once within the span of a year. The schedule and procedure for this distribution are to be mutually agreed upon by the partners involved.
V. CAPITAL CONTRIBUTIONS
As per the agreed terms of this partnership, every Partner involved in this agreement is bound by an obligation to contribute capital to the financial foundation of the partnership.
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[Your Company Name] shall contribute $100,000 in cash to the partnership within 30 days of the Effective Date.
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Tech Innovators Inc. shall contribute $100,000 in cash to the partnership within 30 days of the Effective Date.
Any additional capital contributions required for the partnership shall be agreed upon by the Partners in writing.
VI. MANAGEMENT AND DECISION-MAKING
The Partners shall make decisions regarding the business and affairs of the partnership based on mutual agreement. In the event of disputes that cannot be resolved, conflicts will be directed toward mediation or arbitration to reach a final resolution.
VII. TERM AND TERMINATION
This Agreement shall commence on the Effective Date and shall continue until terminated by mutual agreement, due to a material breach, or due to legal or practical impossibility to carry on the partnership business.
VIII. CONFIDENTIALITY
Each Partner agrees to maintain confidentiality regarding all proprietary and confidential information they may receive. Exceptions to this obligation will be made if disclosure is required by law.
IX. GOVERNING LAW
This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York.
X. SIGNATURES
This Agreement has been executed in two copies, with each party having received their original copy.
[Your Company Name]
[Your Name]
CEO
Date Signed: August 21, 2050
Tech Innovators Inc.
John Smith
CEO
Date Signed: August 21, 2050
WITNESS
This Agreement was signed in front of and witnessed by:
Jane Doe
Date Signed: August 21, 2050
