Free Partnership Bylaws Template
Partnership Bylaws
Article I: Name and Purpose
The name of the Partnership shall be [Name of Partnership] (hereinafter referred to as the "Partnership"). The purpose of the Partnership shall be to engage in [Primary Business Activities] and any other lawful activities as agreed upon by the partners.
Article II: Principal Office
The principal office of the Partnership shall be located at [Your Company Address], or at such other place as the partners may determine from time to time.
Article III: Partners
Section 1: General Partners
General partners will have management responsibilities and unlimited liability for the debts and obligations of the Partnership.
The initial General Partners are:
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[General Partner 1]
-
[General Partner 2]
Section 2: Limited Partners
Limited partners contribute capital and share in profits but do not have management responsibilities and have limited liability.
The initial Limited Partners are:
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[Limited Partner 1]
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[Limited Partner 2]
Article IV: Contributions and Capital
Partners shall make the following capital contributions:
|
Partner Name |
Contribution Amount |
|---|---|
|
[Partner Name 1] |
$[Amount] |
|
[Partner Name 2] |
$[Amount] |
Article V: Profit and Loss Allocation
Profits and losses shall be allocated among the partners according to their respective percentage interests as follows:
|
Partner Name |
Percentage Interest |
|---|---|
|
[Partner Name 1] |
[Percentage]% |
|
[Partner Name 2] |
[Percentage]% |
Article VI: Management
The business affairs of the Partnership shall be managed by the General Partners. Decisions shall be made as follows:
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Unanimous Consent: For major decisions such as amending these bylaws, admitting new partners, or dissolving the Partnership.
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Majority Vote: For routine operational decisions.
Article VII: Meetings
Regular meetings of the partners shall be held [Frequency] at the principal office, or as otherwise designated by the partners. Special meetings may be called by any General Partner with at least [Number] days’ notice.
Article VIII: Indemnification
The Partnership shall indemnify and hold harmless each partner from and against any and all claims, liabilities, and expenses arising out of their role, except in cases of gross negligence or willful misconduct.
Article IX: Dissolution
The Partnership may be dissolved upon the occurrence of any of the following events:
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Unanimous written agreement of all partners.
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Judicial decree of dissolution.
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The inability of the Partnership to continue its business operations.
Article X: Miscellaneous Provisions
Section 1: Governing Law
These bylaws shall be governed by and construed in accordance with the laws of the State of [State].
Section 2: Amendments
These bylaws may be amended only by a unanimous written agreement of all partners.
Section 3: Dispute Resolution
Any disputes arising under these bylaws shall be resolved by arbitration in accordance with the rules of the American Arbitration Association.
|
Partner Name |
Date |
|---|---|
|
[Partner Name 1] |
[Date] |
|
[Partner Name 2] |
[Date] |
IN WITNESS WHEREOF, the partners have executed these Partnership Bylaws as of the date first above written.
