Free Business Partnership Deed Template
Business Partnership Deed
This Business Partnership Deed ("Deed") is made and entered on this day by and between the partners listed herein. The purpose of this Deed is to establish the terms and conditions of the partnership between the undersigned parties.
I. The Parties
The following partners have agreed to enter into this partnership:
A. Partner Details
-
[Partner 1 Name], of [Partner 1 Address]
-
[Partner 2 Name], of [Partner 2 Address]
II. Formation
The partnership formed by this Deed is conducted under the name [Your Company Name] located at [Your Company Address]. The partnership shall commence on [Start Date] and shall continue until dissolved as provided herein.
III. Capital Contributions
The Partners shall make the following initial capital contributions to the Partnership:
A. Partner Contributions
Each partner agrees to contribute capital to the Partnership by the following terms:
Partner 1:
Name: [Partner 1 Name]
Contribution: [Description of Contribution]
Percentage Ownership: [Percentage]
Partner 1 will contribute [Description of Contribution] to the Partnership, representing [Percentage]% ownership.
Partner 2:
Name: [Partner 2 Name]
Contribution: [Description of Contribution]
Percentage Ownership: [Percentage]
Partner 2 will contribute [Description of Contribution] to the Partnership, representing [Percentage]% ownership.
IV. Profits, Losses, and Distributions
Profits and losses shall be divided among the partners according to their respective percentage ownership interests.
A. Profit Distribution
-
Profits will be distributed in proportion to each partner's ownership percentage.
B. Draw Allocation
-
Each partner is entitled to withdraw from the available funds of the partnership a sum proportional to their profit shares for personal use as a draw.
V. Management and Duties
Management of the partnership shall be vested in the partners who shall decide on all matters by a majority vote measured by percentage interests. Responsibilities include:
A. Decision-Making
-
All partners will participate in decision-making processes, with decisions made by a majority vote.
B. Partner Duties
-
Partner 1:
Name: [Partner 1 Name]
Responsibilities: [Brief description of Partner 1 duties]
Partner 1, [Partner 1 Name], shall be responsible for [Brief description of Partner 1 duties], ensuring efficient operation and growth of the partnership.
-
Partner 2:
Name: [Partner 2 Name]
Responsibilities: [Brief description of Partner 2 duties]
Partner 2, [Partner 2 Name], shall be responsible for [Brief description of Partner 2 duties], contributing to the success and prosperity of the partnership.
VI. Termination and Dissolution
The partnership may be dissolved at any time by unanimous resolution of the partners or by operation of law. Upon dissolution, assets and liabilities of the partnership shall be liquidated and debts paid off, with the remaining amounts distributed according to the Partners’ capital accounts.
A. Dissolution Procedures
-
Dissolution procedures will be initiated either by unanimous agreement of all partners or as per legal requirements.
B. Asset Distribution
-
Assets and liabilities will be liquidated, and the remaining amounts will be distributed according to each partner's capital account balance.
VII. Miscellaneous
This Deed represents the entire agreement between the partners and governs their relationship within the partnership.
A. Entire Agreement
This Deed constitutes the entirety of the agreement between the partners regarding their partnership, superseding all prior agreements, whether written or oral.
B. Amendments
Any amendments to this Deed must be made in writing and signed by all partners. Amendments shall be deemed effective upon execution and shall become part of this Deed.
C. Severability
If any provision of this Deed is deemed invalid or unenforceable by a court of competent jurisdiction, the remaining provisions shall remain in full force and effect.
D. Governing Law
This Deed shall be governed by and construed following the laws of [Jurisdiction], without regard to conflicts of law principles.
E. Counterparts
This Deed may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute the same instrument.
F. Headings
The headings in this Deed are for convenience only and shall not affect the interpretation of any provision.
VIII. Execution
This Deed is executed by the undersigned partners as of the date first above written.
Partner 1:
[Partner 1 Name]
[Date Signed]
Partner 2:
[Partner 2 Name]
[Date Signed]
IX. Notarization
This Deed requires notarization to ensure its legal validity. The parties shall sign this Deed in the presence of a notary public, who will certify the signatures and affix the official seal.
Notary Name: [NOTARY NAME]
Commission Number: [NOTARY COMMISSION NUMBER]
Expiration Date: [NOTARY EXPIRATION DATE]
