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Partnership Agreement (Type B)
PARTNERSHIP AGREEMENT-TYPE B
THIS AGREEMENT made this [Date of agreement], by [Name of partner one] hereinafter referred to as "Partner One", and [Name of partner two], hereinafter referred to as "Partner Two".
WHEREAS, partner one and partner two desire to form a partnership in the state of [State of partnership].
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound hereby, agree as follows:
1. The parties hereby form a partnership that will engage in the business of [Type of business] under the name of [Name of business].
2. The partners ownership interest and capital account shall be as follows: [Ownership interest and capital account]
3. The principal office of the partnership is to be located at [Principal office of the partnership], or in such other place as the parties agree.
4. The partnership shall exist for a period of [Period of partnership], commencing on [Beginning date of partnership], and shall continue until [Last date of partnership], unless terminated earlier as hereinafter provided.
5. Either party to this partnership agreement may withdraw from the partnership upon six (6) months notice to the remaining party to this partnership agreement.
6. The partners shall share the profits and losses of the partnership in relationship to their ownership interest.
7. This partnership agreement shall immediately terminate upon the death of either partner.
8. All controversies arising under or in connection with, or relating to any alleged breach of, this partnership agreement shall be settled by arbitration in accordance with the rules then obtaining of the American Arbitration Association, and judgment upon any award rendered may be entered in any court having jurisdiction.
9. This partnership agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns.
10. This partnership agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, negotiations and understandings of any nature with respect to the subject matter hereto. No amendment, waiver or discharge of any of the provisions of this agreement shall be effective against any party unless that party shall have consented thereto in writing.
11. This partnership agreement shall be construed, interpreted and enforced in accordance with the laws of the state of [State of jurisdiction].
IN WITNESS WHEREOF, Partner One and Partner Two have caused this partnership agreement to be duly executed the day and year set out above.
IN WITNESS WHEREOF, the parties have executed this agreement the day and year first above written.
Signature Date