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Partnership Agreement

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Partnership
Partners
Accounting
Management

Sign/Witness
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Management

Who will be responsible for the day-to-day management of your Partnership?

All Partners participate Managing Partner

Major issues would still be determined with a vote of the Partners.

Who will be the Managing Partner?

Partner #2 Partner #2 Unsure

If necessary, how will you remove a Managing Partner?

Unanimous vote of remaining Partners Majority vote of remaining Partners

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Binding the Partnership in Contract

Who can bind your Partnership in contract?

Any Partner Partnership vote Managing Partner

Percent vote to bind Partners in contract:

Majority vote Unanimous vote

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Partner Meetings

When will regular meetings be held?

Weekly Monthly Quarterly Annually Only as required

Who can request special meetings?

Any Partner Majority of Partners Do Not Specify

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Voting

How will Partnership votes be determined?

In proportion to capital contributions In proportion to profit share An equal vote for each Partner

What vote will be required to make financial decisions?

Majority vote Unanimous vote

What vote will be required to make business decisions?

Majority vote Unanimous vote

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Unanimous Consent

Which decisions will require the consent of all Partners?

Who can sign company checks.

Assume new debts over a certain amount.

Single liability expense limit:

$

(e.g. 25000, 100000)

Assume new expenses over a certain amount.

Single transaction expense limit:

$

(e.g. 25000, 100000)

Sell a Partnership asset over a certain value.

Fair market value limit:

$

(e.g. 25000, 100000)

Hire new employees where salary is over a certain amount.

Annual salary limit:

$

(e.g. 25000, 100000)

Fire employees.

Release Partnership claims except for payment in full.

Decisions affecting the unusual use or lending of Partnership equipment.

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Additional Clauses

Do you want to include any additional terms or information?

Yes No

Additional Clause

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Frequently Asked Questions

What is a Managing Partner?

What is a Managing Partner?

Managing the Firm. The managing partner serves as the firm's chief executive officer. Although ultimate authority rests with the partner, the managing partner is responsible for the firm's overall management.

Who should have contract signing authority?

Who should have contract signing authority?

Any Partner is presumed to have the authority to enter into a contract on behalf of your Partnership where the subject of the contract appears reasonable, given the usual business activities of the Partnership. In some circumstances it may be appropriate to restrict contract signing authority to a smaller number of individuals.

Any variation to the presumed authority of the Partners must be communicated to 3rd parties, vendors and business associates.

Why are there different voting requirements?

Why are there different voting requirements?

Some business decisions can substantially change the nature of your business, sometimes bringing unanticipated risk to your minority Partners.

If applicable to your situation, protections for your minority Partners can be included in your Partnership Agreement by requiring a unanimous vote on important decisions.

Keep in mind that requiring unanimous consent also means that each of your Partners can veto any decision.

Why require unanimous consent?

Why require unanimous consent?

Some types of business decisions involve significant new risk. To protect the interests of all Partners, some of your business decisions should require the consent of all Partners.

What is meant by 'release of Partnership claim'?

What is meant by 'release of Partnership claim'?

Sometimes it becomes apparent that money owed to your Partnership will never be collected in full. But, a waiver or release of any significant debt owed to your Partnership should be agreed to by all Partners.

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