A business partnership contract is prepared when two individuals enter into a partnership business. The contract states the percentage of profit and loss to be shared by both partners and all the other terms and conditions.
Sample Business Partnership Contract:
This partnership contract is drafted on 20th November, 2010 between Jack Daniels and Chives Regal. Both the individuals form a partnership under the business name Whiskey Foundation to manufacture alcoholic beverages with the office address being at 8978 Java Street, Intel City, and Los Angeles 5678. The partnership business begins on 22nd November and will continue till terminated.
Terms and conditions of the business:
- The capital of the business will be contributed in cash by both the partners and neither of them will be allowed to use the capital for any personal use.
- The profit of the business and losses, if any will be shared by the partners equally. There will be separate bank accounts of the partners where individual profits will be credited and losses debited.
- The partners have equal authority in controlling the management and thus, both of them have to spend equal amount of time in the business.
- All the funds of the company will be deposited in the bank opened in the name of the company.
- The partners will not receive any fixed salary, but will get their remuneration based on the profit of the company.
- In case of death either partner, the surviving partner will have the right to purchase the share of the dead partner.
Partner 1: Partner 2:
Jack Daniels Chives Regal
Dated: 20th November, 2010 Dated: 20th November, 2010