Agreement of limited partnership

PARTNERSHIP AGREEMENT

THIS PARTNERSHIP AGREEMENT ("Agreement") made and effective this

[Date], by and between the following individuals, referred to in this Agreement as

the "Partners":

___________________________________

Partners' Names

The Partners wish to set forth, in a written agreement, the terms and conditions

by which they will associate themselves in the Partnership.

NOW, THEREFORE, in consideration of the promises contained in this

Agreement, the Partners affirm in writing their association as a partnership in

accordance with the following provisions:

1. Name and Place of Business.

The name of the partnership shall be called __________ (the "Partnership"). Its

principal place of business shall be ___Address___, until changed by agreement

of the Partners, but the Partnership may own property and transact business in

any and all other places as may from time to time be agreed upon by the

Partners.

2. Purpose.

The purpose of the Partnership shall be to ___Business Description___. The

Partnership may also engage in any and every other kind or type of business,

whether or not pertaining to the foregoing, upon which the Partners may at any

time or from time to time agree.

3. Term.

The Partnership shall commence as of the date of this Agreement and shall

continue until terminated as provided herein.

4. Capital Accounts.

A. The Partners shall make an initial investment of capital, contemporaneously with the

execution of this Agreement, as follows:

Partner Name

Partner Contribution

partner here

partner contribution here

In addition to each Partner's share of the profits and losses of the Partnership, as set

forth in Section 5, each Partner is entitled to an interest in the assets of the Partnership.

B. The amount credited to the capital account of the Partners at any time shall be such

amount as set forth in this Section 4 above, plus the Partner's share of the net profits of

the Partnership and any additional capital contributions made by the Partner and minus

the Partner's share of the losses of the Partnership and any distributions to or

withdrawals made by the Partner. For all purposes of this Agreement, the Partnership net

profits and each Partner's capital account shall be computed in accordance with

generally accepted accounting principles, consistently applied, and each Partner's capital

account, as reflected on the Partnership federal income tax return as of the end of any

year, shall be deemed conclusively correct for all purposes, unless an objection in writing

Download
Agreement of limited partnership
DOC: 132.0 KB | PDF: 74.8 KB (4 pages)

( 4.3, 10 votes )