A general partnership agreement is the most basic form of partnership contract, where two or more partners agree to manage the business and each of them is personally liable for its debts, even those debts which were incurred by other partners who are part of this partnership. Such an agreement can be both written and verbal but it is risky as there is less accountability and every partner has to face the results of negligence.
Sample General Partnership Agreement Contract:
This partnership agreement is made on June 12, 2011 by and between the following parties who are henceforth referred to as PARTNERS:
Name: George Canning
Address: 13 Astro Street, Richardson
Name: Ronan Baker
Address: 51 Sea Green Complex, Richardson
Name: Andrew Tippen
Address: 2103 Kerb Lane, Richardson
The partners hereby set forth the terms and conditions of the general partnership agreement:
- The name of the company formed as a result of this partnership will be called New Horizons Ltd, and its principal place of business will be 32, District Centre, Richardson.
- The purpose of the partnership shall be to promote young musicians and help them create albums.
- Every partner shall make an initial investment of $10,000 each and all the profits and losses from the business operations shall be shared equally by the partners.
- No partner shall be entitled to any salary and every partner will have to devote a considerable amount of time for setting up and the smooth running of the company.
Signature: George Canning
Signature: Ronan Baker
Signature: Andrew Tippen