A free partnership contract is a contract which is drafted like any standard partnership contract when two or more individual or organizations enter into a partnership. The details mentioned in the contract include the responsibilities of the partners, the percentage or ratio in which they would be sharing the profit and losses and other terms and conditions agreed between them.
Sample Free Partnership Contract
Partnership Contract Number: RE 3456
Effective date of contract: 10th of December 2011
This partnership contract has been drafted and entered between Tom Hanks referred to as partner 1 and Robin Crow referred to as partner 2. The purpose of this contract is to start a partnership business to provide consultancy service to business organizations under the organization name Tom Robin Consultancy. The principal office address of the partnership is:
12 Rocky Hill Street,
New York, New Jersey 4567.
The terms and conditions agreed upon by both the parties are as follows:
- The amount of capital required for the business will be brought in equally by both the partners. They will also be sharing the expenses required for setting up the office space on an equal basis.
- In case of any profit, the amount will be shared equally. The same rule applies towards losses.
- The contract ends on 12th of December 2012. In case of losses the contract is terminated before that, the amount recovered from selling all the assets and clearing the liabilities will be shared equally.
Signature of partner 1: Signature of partner 2:
Tom Hanks Robin Crow