Restaurant Partnership Agreement
Restaurant Partnership Agreement
This Restaurant Partnership Agreement ("Agreement") is made and entered into as of this [Date], by and between:
[Your Company Name], a restaurant business
Address: [Your Company Address]
Phone: [Your Company Number]
Email: [Your Company Email]
and
[Partner's Name]
Address: [Partner's Address]
Phone: [Partner's Phone Number]
Email: [Partner's Email Address]
WHEREAS, [Your Company Name] and [Partner's Name] (hereinafter referred to collectively as the "Partners") wish to establish a partnership to operate a restaurant business under the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the Partners agree as follows:
1. Partnership Formation
The Partners hereby form a partnership (the "Partnership") to engage in the business of operating a restaurant under the name "[Your Company Name]" (the "Restaurant"). The principal place of business for the Partnership shall be located at [Your Company Address].
2. Term
The Partnership shall commence on [Start Date] and shall continue until terminated as provided in this Agreement.
3. Contributions
3.1 Initial Contributions
Each Partner agrees to make the following initial contributions to the Partnership:
-
[Your Company Name]: $50,000 in cash, restaurant equipment valued at $25,000.
-
[Partner's Name]: $50,000 in cash, property improvements valued at $20,000.
3.2 Additional Contributions
The Partners may agree to make additional contributions as needed for the operation and expansion of the Restaurant. Such contributions shall be determined and documented by mutual agreement.
4. Ownership and Profit Sharing
4.1 Ownership Interests
The ownership interests in the Partnership shall be as follows:
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[Your Company Name]: 50%
-
[Partner's Name]: 50%
4.2 Profit and Loss Sharing
Profits and losses of the Partnership shall be shared by the Partners in proportion to their ownership interests as specified in Section 4.1.
5. Management
5.1 Management Responsibilities
The management of the Partnership and the Restaurant shall be vested in the Partners. The Partners shall have equal rights in the management and conduct of the business. Decisions regarding the operation of the Restaurant shall require the unanimous consent of the Partners.
5.2 Duties
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[Your Company Name]: Financial management, procurement, oversight of kitchen operations.
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[Partner's Name]: Marketing, daily operations, customer service management.
6. Bank Accounts and Financial Records
6.1 Bank Accounts
The Partnership shall maintain its own bank accounts separate from the personal accounts of the Partners. All funds of the Partnership shall be deposited into such accounts.
6.2 Financial Records
The Partnership is obligated to maintain financial records that are both complete and accurate regarding its operations. Moreover, each Partner is entitled to have access to these financial records of the Partnership at any given time.
7. Distributions
Distributions of Partnership profits to the Partners shall be made at such times and in such amounts as agreed upon by the Partners, consistent with the financial needs of the Partnership.
8. Transfer of Interests
No Partner shall be permitted to transfer, sell, assign, or in any other manner dispose of their respective interest in the Partnership without obtaining prior written consent from the other Partner.
9. Dissolution and Termination
9.1 Events of Dissolution
The Partnership shall be dissolved upon the occurrence of any of the following events:
-
Mutual agreement of the Partners.
-
Bankruptcy or insolvency of either Partner.
-
Death or incapacity of either Partner.
-
By court order.
9.2 Winding Up
When the Partnership is dissolved, it shall proceed to conclude its business operations, settle all of its financial obligations, and allocate any residual assets among the Partners based on the proportion of their respective ownership interests.
10. Dispute Resolution
Any disputes arising out of or relating to this Agreement shall be resolved through mediation or arbitration in [Location], in accordance with the rules of the American Arbitration Association.
11. Governing Law
This Agreement shall be governed by the laws of the state of [State], and it shall be interpreted and enforced in accordance with those laws.
12. Miscellaneous
12.1 Entire Agreement
This Agreement represents the complete and exclusive understanding and agreement between the Partners regarding the subject matter contained herein and it overrides, supersedes, and replaces all previous agreements and understandings between the Partners, whether those agreements and understandings were written or oral.
12.2 Amendments
This Agreement can only be modified through a written document that must be signed by both Partners to be considered valid and effective.
12.3 Severability
If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck, and the remaining provisions shall remain in full force and effect.
12.4 Counterparts
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the Partners have executed this Agreement as of the day and year first above written.
[Your Company Name]
[Your Name]
Owner/CEO
[Date]
[Partner's Name]
[Partner's Name]
[Partner's Title]
[Date]
