Free Partnership Membership Agreement Template
Partnership Membership Agreement
I. Agreement Overview
This Partnership Membership Agreement ("Agreement") is entered into as of December 13, 2050, by and between [Your Company Name], a partnership entity duly organized under the laws of the State of Michigan, with its principal office located at [Your Company Address], represented by [Your Name], hereinafter referred to as "the Partnership," and Clint Renner, a member of the Partnership, residing at Detroit, MI 48201, hereinafter referred to as "the Member."
The parties enter into this Agreement to set forth the terms and conditions that govern the Member’s involvement in the Partnership.
II. Term of Partnership Membership
1. Effective Date and Termination
This Agreement shall commence on December 13, 2050, and remain in effect until terminated by mutual agreement or by either party in accordance with the provisions set forth herein. If terminated, the termination will be effective 30 days from the date of written notice provided by either party.
2. Renewal of Membership
The membership will automatically renew on an annual basis unless either party provides written notice of intent to terminate at least 30 days before the anniversary date.
III. Member's Rights and Responsibilities
1. Rights of the Member
As a Member of the Partnership, Clint Renner shall enjoy the following rights:
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The right to vote on Partnership matters, including business strategies and operational decisions.
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The right to participate in the Partnership’s profits and distributions in proportion to the Member's interest in the Partnership, as defined by the Agreement.
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Access to all financial records and reports pertaining to the Partnership upon request.
2. Responsibilities of the Member
The Member agrees to the following obligations:
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Contribute financial resources as necessary, based on the financial needs of the Partnership.
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Uphold the Partnership’s best interests and comply with all applicable local, state, and federal laws.
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Maintain confidentiality of sensitive information, including business operations, financial records, and proprietary information.
IV. Capital Contributions and Ownership
1. Initial Capital Contribution
The Member agrees to contribute a capital investment of $20,000 to the Partnership upon execution of this Agreement.
2. Ownership Interest
The Member shall hold an ownership interest in the Partnership, which shall be determined by the amount of the Member’s capital contribution relative to the total contributions of all members, unless otherwise agreed.
3. Additional Contributions
Should additional capital be required, the Member agrees to contribute further resources, provided all members agree to such a contribution. Failure to contribute additional capital may result in a reduction of the Member’s ownership interest.
V. Profit and Loss Allocation
1. Distribution of Profits and Losses
The profits and losses of the Partnership shall be distributed to the Member in proportion to their ownership interest. These distributions will be made on an annual basis, or as otherwise agreed by the partners, and will be subject to the availability of profits as determined by the Partnership’s financial standing.
2. Tax Reporting
The Partnership shall provide the Member with all necessary tax documentation related to their share of profits and losses for filing their tax returns.
VI. Partnership Governance
1. Management of the Partnership
The management of the Partnership shall be vested in [Your Name], who shall serve as the Managing Partner. The Managing Partner shall have full authority to make operational and strategic decisions on behalf of the Partnership, subject to the oversight and approval of the other members.
2. Voting Rights
Each member shall have the right to vote on Partnership decisions, with votes weighted according to the percentage of ownership interest each member holds.
VII. Governing Law
This Agreement shall be governed by, and construed in accordance with, the laws of the State of Michigan, without regard to its conflicts of laws principles. Any disputes arising under or related to this Agreement shall be resolved in accordance with Michigan state law.
VIII. Termination of Membership
1. Termination by the Member
The Member may terminate this Agreement by providing written notice to [Your Name] at [Your Email]. Upon termination, any outstanding obligations to the Partnership must be settled in accordance with the terms of the Agreement.
2. Termination by the Partnership
The Partnership may terminate the Member's participation if the Member violates the terms of this Agreement or engages in actions detrimental to the Partnership. Such termination will be effective 30 days after written notice is provided.
IX. Dispute Resolution
1. Mediation
In the event of a dispute, the parties agree to first attempt to resolve the issue through informal negotiation. If the matter cannot be resolved informally, the parties will submit the dispute to mediation.
2. Arbitration
If mediation fails, the dispute will be submitted to arbitration in accordance with the rules of the American Arbitration Association. The decision of the arbitrator will be final and binding.
X. Signatory
For the Partnership
Signed by: [Your Name]
Title: Managing Partner
Date: December 13, 2050
For the Member
Signed by: Clint Renner
Title: Member
Date: December 13, 2050
For any inquiries or to address questions regarding this Agreement, please contact [Your Name] at [Your Email].
